LondonMetric Property PLC DISPOSAL OF SIX WAREHOUSES FOR GBP57.3M (6766Y)
11 Settembre 2020 - 8:00AM
UK Regulatory
TIDMLMP
RNS Number : 6766Y
LondonMetric Property PLC
11 September 2020
11 September 2020
LONDONMETRIC PROPERTY PLC
disposAL of six warehouses for GBP57.3 million
LondonMetric Property Plc ("LondonMetric") announces the
disposal of a portfolio of six distribution warehouses for GBP57.3
million to Canmoor and Canadian institutional investor, AIMCo,
reflecting a blended NIY of 5.3%.
The portfolio has been acquired over a number of years,
including last year's acquisition of A&J Mucklow, and is
located in Worcester, Leamington Spa, Royston, Castle Donnington,
Milton Keynes and Huyton. Most of the buildings were constructed in
the 1990s and the portfolio enjoys a WAULT to break of 7.5
years.
The properties are let to retailer Hamleys, CEVA, ITAB, Transmec
and Groupo Antolin, an automotive supplier to JLR.
The disposal will crystallise an GBP8.8 million profit on cost
and an ungeared IRR of 11% pa.
Completion of the sale is delayed until 25 March 2021, allowing
LondonMetric to receive c. GBP1.5 million of additional rent. Total
receipts upon completion will be 3.8% above March 2020 book
value.
Andrew Jones, Chief Executive of LondonMetric, commented:
"The attractive demand: supply dynamics in distribution and the
increasing weakness in legacy sectors is attracting substantial
capital into the logistics sector from both new and existing
investors.
"Whilst we seek to avoid unnecessary asset turnover, we will
always take advantage of strong approaches for our assets. These
proceeds will be reinvested into other quality opportunities in the
strongest geographies where rental growth over the long term will
be superior."
LondonMetric was advised by ACRE Capital Real Estate.
-Ends-
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
Londonmetric@fticonsulting.com
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. 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. LondonMetric
has 16 million sq ft under management. Further information is
available at www.londonmetric.com
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END
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