LondonMetric Property PLC GBP35M OF URBAN LOGISTICS WAREHOUSE ACQUISITIONS (9054K)
07 Settembre 2021 - 8:00AM
UK Regulatory
TIDMLMP
RNS Number : 9054K
LondonMetric Property PLC
07 September 2021
7 September 2021
LONDONMETRIC PROPERTY PLC
ACQUISITION OF THREE urban LOGISTICS warehouses for GBP35
million
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of three urban logistics warehouses for GBP35.4 million
in separate transactions, reflecting a blended NIY of 4.4% and a
reversionary yield of 4.9%.
The properties generate a rent of GBP1.7 million p.a. with 83%
of the income benefiting from RPI or CPI linked rent review. The
warehouses have a WAULT of 15 years and comprise:
-- 130,000 sq ft in Worthing, acquired for GBP19.0 million
through a sale and lease back transaction with Bowers &
Wilkins, a global leader in high performance audio technology. The
occupier has agreed a new 15 year lease with rent reviews linked to
CPI. The building serves as its headquarters, main manufacturing
centre and distribution warehouse;
-- 50,000 sq ft in Uckfield, acquired for GBP10.3 million and
let to John Lewis for a further 15 years with RPI linked rent
reviews. The building is located on the A22 / A272 junction and has
a low site density of 32%; and
-- 47,000 sq ft in Exeter acquired for GBP6.1 million and let to
Jewson for a further 17 years. The building has strong reversionary
and redevelopment potential and benefits from open market rent
reviews with the next review in March 2022. It is located next to
the M5 / A30 junction with the majority of the investment value
supported by the residual land.
Andrew Jones, Chief Executive of LondonMetric, commented:
"These urban logistics assets are in good locations and let on
long leases with certainty of income growth. We are continuing to
find attractive opportunities for redeploying capital into our
preferred sectors of urban logistics and grocery-led long
income."
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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