LMP Londonmetric Property Plc

TIDMLMP

RNS Number : 3614Z

LondonMetric Property PLC

21 May 2021

21 May 2021

LONDONMETRIC PROPERTY PLC

ACQUISITION OF TWO urban warehouseS in london for GBP13.5 million

LondonMetric Property Plc ("LondonMetric" or "Company") announces the acquisition of two vacant London warehouse assets in Brent Cross and Streatham for a combined purchase price of GBP13.5 million.

The Company has agreed a new 20 year lease with Jacuna Kitchens across c.75% of the combined space. Jacuna will operate c.100 dark kitchens across both locations and LondonMetric will refurbish and upgrade the warehouses to provide enhanced power, ventilation and drainage to the buildings.

Letting of the remaining space is under negotiations with a new delivery start up. Following completion of the letting and refurbishment, LondonMetric expects to deliver a blended yield on cost of 5.4% from the acquisitions.

Andrew Jones, Chief Executive of LondonMetric, commented:

"We are excited by the dark kitchen sector and are pleased to be able to work with Jacuna on acquiring these warehouses and upgrading the facilities to their requirements. We are working with them on the rollout of further dark kitchen facilities across London."

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQURRWRABUVUAR

(END) Dow Jones Newswires

May 21, 2021 02:00 ET (06:00 GMT)

Grafico Azioni Londonmetric Property (LSE:LMP)
Storico
Da Mar 2024 a Apr 2024

Grafico Azioni Londonmetric Property (LSE:LMP)
Storico
Da Apr 2023 a Apr 2024