LondonMetric Property PLC DISPOSAL OF PRIMARK WAREHOUSE FOR GBP102M (6703I)
16 Agosto 2021 - 08:00AM
UK Regulatory
TIDMLMP
RNS Number : 6703I
LondonMetric Property PLC
16 August 2021
16 August 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS 785,000 SQ FT PRIMARK DISTRIBUTION
WAREHOUSE
IN NORTHAMPTONSHIRE FOR GBP102 MILLION
LondonMetric Property Plc ("LondonMetric") announces that it has
exchanged on the sale of its distribution warehouse in Thrapston,
Northamptonshire, to EQT Exeter for GBP102.0 million, reflecting a
NIY of 4.1%.
The 785,000 sq ft warehouse is let to Primark for another 11
years at a rent of GBP4.4 million pa. LondonMetric acquired the
property in 2013 for GBP60.5 million, reflecting a NIY of 6.4%.
Since acquisition, it has delivered a total return of 123% and an
ungeared IRR of 12%.
Completion of the sale will take place in February 2022,
generating an additional GBP2.2 million of income. Total proceeds
are 8% above the 31 March 2021 book value.
LondonMetric retains its other Primark logistics warehouse which
totals 1.1 million sq ft and is let for a further 19 years. On
completion of the sale, the portfolio's weighting towards mega
distribution will fall from 13% to 10% and its rental income
exposure to Primark will fall from 8% to under 5%.
Andrew Jones, Chief Executive of LondonMetric, commented:
"This is a very good asset that has performed strongly,
delivering a total return of GBP76 million since acquisition. The
sale price achieved reflects a very competitive bidding process and
highlights the depth of demand for well let logistics assets
delivering reliable, repetitive and growing income."
LondonMetric was advised by Knight Frank. The purchaser was
advised by DTRE.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0) 20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's
leading listed logistics platforms alongside a diversified long
income portfolio, with 15 million sq ft under management. It owns
and manages desirable real estate that meets occupiers' demands,
delivers reliable, repetitive and growing income-led returns and
outperforms over the long term.
Further information is available at www.londonmetric.com
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END
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