LondonMetric Property PLC GBP11M ACQUISITION OF LIFE SCIENCES WAREHOUSE (4696K)
02 Settembre 2021 - 8:00AM
UK Regulatory
TIDMLMP
RNS Number : 4696K
LondonMetric Property PLC
02 September 2021
2 September 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC aCQUIRES life sciences urban LOGISTICS warehouse
for GBP11 million
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of an urban logistics warehouse in Cardiff for GBP11.1
million, reflecting a blended NIY of 5.0%.
The 119,000 sq ft warehouse is let to Global Life Sciences
Solutions, trading as Cytiva, on a new ten year lease with RPI
linked rent reviews of between 1% and 3%. The building is located
in an established Life Sciences location, adjacent to J32 of the
M4.
The property generates a rent of GBP0.6 million p.a. with the
contractual rent reviews expected to increase the purchase net
initial yield to 5.8% after five years.
The occupier has operated from Cardiff for over 40 years and is
investing GBP36 million in establishing this new facility which
will be used for the production and distribution of pharmaceutical
products. 250 new jobs are expected to be created as part of this
investment.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We continue to recycle capital from our disposal activity into
high quality assets that will enhance our urban logistics
portfolio. This property is let to a highly reputable occupier,
offers attractive income growth prospects and has further asset
management potential."
-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
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 16 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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