LondonMetric Property PLC LONDONMETRIC ANNOUNCES GBP73M OF ACQUISITIONS (0058R)
25 Giugno 2020 - 8:00AM
UK Regulatory
TIDMLMP
RNS Number : 0058R
LondonMetric Property PLC
25 June 2020
25 June 2020
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ANNOUNCES GBP73 MILLION OF ACQUISITIONS
LondonMetric Property Plc ("LondonMetric" or "Company")
announces two acquisitions for a total consideration of GBP72.9
million. Both transactions had previously been identified by the
Company at the time of its recent equity placing.
Through a GBP62.0 million sale and leaseback, LondonMetric has
acquired a portfolio of five food stores let to Waitrose on new 20
year leases (break at 15 years) with CPIH linked rent reviews.
Located in Keynsham, Malmesbury, Paddock Wood, Towcester and
Yateley the stores range in size from 27,000 sq ft up to 43,000 sq
ft and also operate as online fulfilment centres for both Waitrose
and John Lewis. Waitrose will continue to trade from the stores as
normal with no change from a customer or Waitrose Partner
perspective.
LondonMetric has also purchased a 32,000 sq ft urban logistics
unit in Walthamstow for GBP10.9 million let to Ocado. The property
is a prime, modern and well configured unit located on a two acre
site with low site density. It is let for a further 8 years and
passing rent is 20-25% below market rent with an open market review
in 2023 expected to capture significant rental reversion.
Together, these assets generate a total rent of GBP3.34 million
pa, reflecting a blended net initial yield of 4.3% and a
reversionary yield of 5.0%.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We live in a world of continuing disruption which is exposing
both winning and losing strategies almost on a daily basis. These
are high quality and well located assets in structurally supported
sectors, let to strong occupiers that offer secure triple net
income and the certainty of income growth. These investments will
increase our exposure further to the winning sectors and occupiers,
with Waitrose now a top ten occupier and Ocado a new addition to
our customer base. In a macro environment characterised by zero
interest rates, well let properties are becoming increasingly
sought after.
"Following our other long income acquisitions announced earlier
in the month, we have now invested GBP83 million of the GBP120
million raised in our equity placing and are progressing well on
other opportunities that have similarly attractive qualities."
LondonMetric was advised by Bruce Gillingham Pollard on the sale
and lease back portfolio and by Stonehill Partners on
Walthamstow.
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
Londonmetric@fticonsulting.com
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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