LondonMetric Property PLC GBP11.6m of Long Income Acquisitions (7457O)
03 Giugno 2020 - 8:00AM
UK Regulatory
TIDMLMP
RNS Number : 7457O
LondonMetric Property PLC
03 June 2020
3 June 2020
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ANNOUNCES GBP11.6 MILLION OF LONG INCOME
ACQUISITIONS AND THE COMPLETION OF A GBP13.3 MILLION DISPOSAL IN
ROTHERHAM
LondonMetric Property Plc ("LondonMetric") announces two long
income acquisitions for a total consideration of GBP11.6 million,
reflecting a blended net initial yield of 5.1%.
The first transaction comprises a sale and leaseback portfolio
of five roadside service centres in London for GBP9.6 million. The
assets are let to Kwik Fit and located in Barnet, Whetstone,
Hounslow, Hammersmith and Slough with each having strong underlying
residual value supported by alternative use, principally
residential.
LondonMetric has also purchased, via a forward funding contract,
a prominent new build roadside asset in Rushden for GBP2.0 million
let to Euro Garages. The property will consist of a convenience
store, petrol station and drive through Starbucks and cover a
two-acre site, where nearby industrial and high density residential
more than underpins the purchase price.
Together, these assets have a WAULT of 17 years and all benefit
from contractual rental uplifts.
Separately, LondonMetric has completed the GBP13.3 million
disposal of a regional distribution warehouse in Rotherham at a net
initial yield of 5.0%. The sale of the warehouse, let to the Royal
Mail for a further eight years, was announced in December 2019
subject to delayed completion.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We continue to actively acquire long income properties in good
locations that offer attractive triple net income and certainty of
income growth. These assets are let on very long leases to strong
covenants with whom we have established relationships and,
following our recent equity fundraising, we are in legals on a
number of other opportunities with similarly attractive
characteristics."
Cushman & Wakefield acted for Kwik Fit on the sale and
leaseback portfolio.
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
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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