TIDMLMP

RNS Number : 3644W

LondonMetric Property PLC

23 April 2021

23 April 2021

LONDONMETRIC PROPERTY PLC

LONDONMETRIC SELLS GBP11 MILLION OF LONG INCOME ASSETS

LondonMetric Property Plc ("LondonMetric") announces that it has sold two long income assets let to M&S and Wickes in Derby for a combined consideration of GBP11.1 million at a blended NIY of 6.0% and a 7% surplus to the last reported book value.

The disposals comprise:

-- A 15,000 sq ft M&S Foodhall, sold by way of a forward commitment to an overseas private investor for GBP6.2 million. The asset is let for 15 years at a rent of GBP25 psf. Completion of the sale is expected at the end of the year

-- A 34,000 sq ft Wickes store, sold to an overseas property company for GBP4.9 million. The property was acquired by LondonMetric three years' ago as part of a portfolio and is let for a further 11 years. Completion of the sale is expected in August.

Andrew Jones, Chief Executive of LondonMetric, commented:

"These disposals reflect the growing demand for good quality long income real estate, for which we continue to receive attractive approaches.

"We constantly look to re-balance our portfolio and will recycle the sale proceeds into opportunities in strong geographies that provide certainty of income and income growth."

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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April 23, 2021 02:00 ET (06:00 GMT)

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