LMP Londonmetric Property Plc

TIDMLMP

RNS Number : 6065Y

LondonMetric Property PLC

14 May 2021

14 May 2021

LONDONMETRIC PROPERTY PLC

ACQUISITION OF three urban LOGISTICS warehouses for GBP19 million

LondonMetric Property Plc ("LondonMetric") announces the acquisition of three urban logistics warehouses in Croydon, Dunstable and Warrington for GBP18.7 million, reflecting a blended NIY of 4.3% and a reversionary yield of 5.3%. The warehouses have been acquired in separate transactions and have a WAULT of five years.

In Croydon, a highly reversionary 28,000 sq ft urban warehouse has been acquired for GBP5.3 million which is let to HTC Group for a further four years at a low rent of GBP9.00 psf. The building is situated in a prime South London industrial location.

In Dunstable, a highly reversionary 19,000 sq ft urban warehouse has been acquired for GBP3.0 million. It is let to Deralam Laminates for a further four years at a low rent of GBP7.00 psf. The high specification building is situated in an established industrial location within close proximity to J11a of the M1. The next rent review is due in February 2022.

In Warrington, 73,000 sq ft of warehousing has been acquired for GBP10.4 million. It is let predominantly to IKEA with a WAULT of six years at an average rent of GBP6.60 psf. The high specification and recently refurbished building is well located, situated less than a mile away from J8 of the M62 and with nearby retail and residential.

Andrew Jones, Chief Executive of LondonMetric, commented:

"Through high quality acquisitions, we continue to grow our urban logistics portfolio which now totals GBP1.0 billion. These purchases are very well located with high residual values, offering attractive yields and strong rental growth prospects through open market reviews and/or re-let opportunities."

-Ends-

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

ACQKXLFFFELEBBB

(END) Dow Jones Newswires

May 14, 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