LondonMetric Property PLC LONDONMETRIC AGREES LETTINGS ON 213,000 SQ FT (4611P)
10 Giugno 2020 - 8:00AM
UK Regulatory
TIDMLMP
RNS Number : 4611P
LondonMetric Property PLC
10 June 2020
10 June 2020
LONDONMETRIC AGREES DISTRIBUTION LETTINGS ON 213,000 SQ FT
LondonMetric Property Plc (LondonMetric) announces that it has
recently exchanged contracts on 213,000 sq ft of distribution
lettings.
At its Stoke development, Pets at Home has taken a new lease on
a 141,000 sq ft distribution unit, which now completes the letting
of the 278,000 sq ft development. The rent of GBP6.00 psf compares
to the GBP5.60 psf agreed on the adjoining unit and generates
additional rent of GBP0.8 million pa;
At Birmingham, Network Rail has taken a new lease on 38,000 sq
ft of distribution warehousing at a rent of GBP7.50 psf which
represents an uplift of 28% on previous passing rent and generates
additional income of GBP0.1 million pa; and
At Greenford West London, Metabolic Healthcare, a fast growing
online pharmacy, has taken a new lease on a 34,000 sq ft warehouse
at GBP12.80 psf. The warehouse was recently refurbished and the new
rent is 82% above the rent paid on acquisition in 2018. The letting
generates additional rent of GBP0.4 million pa.
Additionally, LondonMetric has regeared a lease on a c.50,000 sq
ft warehouse in Fareham, where it has extended the term certain by
ten years. A rent review has also been settled that increases the
rent by 22% to GBP7.95 psf and represents additional rent of GBP0.1
million pa;
In total these transactions have a WAULT of 8.2 years and
generate an uplift in rent of GBP1.4 million pa, with new rents
agreed at an average of 42% above previous passing.
Mark Stirling, Asset Director of LondonMetric, commented:
"We continue to see strong occupier demand for well located and
fit for purpose distribution warehousing, particularly in urban
logistics where there is highly attractive rental growth. These
lettings reflect our wide range of occupier relationships and our
ability to deliver on occupier requirements, whilst also generating
material income uplift and further diversifying our income base
with good covenants."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Mark Stirling / 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, 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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