LondonMetric Property PLC LondonMetric sells four distribution assets (5619X)
20 Dicembre 2019 - 08:00AM
UK Regulatory
TIDMLMP
RNS Number : 5619X
LondonMetric Property PLC
20 December 2019
20 December 2019
LONDONMETRIC SELLS FOUR DISTRIBUTION ASSETS FOR GBP145.3
MILLION
FURTHER REDUCING ITS MEGA BOX EXPOSURE
LondonMetric Property Plc ("LondonMetric") announces that it has
sold two mega box warehouses and two regional distribution
warehouses, in three transactions, for a combined consideration of
GBP145.3 million (LondonMetric share: GBP141.9 million).
In Newark, it has sold a 726,000 sq ft mega warehouse to an
international investor for GBP80.8 million, reflecting a NIY of
5.1%. The asset was acquired in 2014 for GBP68.5 million and is let
to Dixons Carphone for a further 14 years at a rent of GBP6.00
psf.
In Doncaster, two distribution assets have been sold to an
overseas buyer for GBP51.2 million (GBP47.9 million at share),
reflecting a NIY of 6.2%. They comprise a 330,000 sq ft mega
warehouse which was acquired in 2015 for GBP29.0 million and is let
to Next for a further four years at a rent of GBP6.60 psf; and a
176,000 sq ft regional warehouse which LondonMetric's DFS joint
venture acquired in 2013 for GBP16.6 million and is let to DFS for
a further 10 years at a rent of GBP7.00 psf.
In Rotherham, a 152,000 sq ft regional distribution warehouse
has been sold to a global investor for GBP13.3 million at a NIY of
5.0%. The warehouse was acquired in 2014 for GBP10.3 million and is
let to the Royal Mail for a further eight years at a rent of
GBP4.70 psf.
The four properties have a WAULT of 10 years and generate a rent
of GBP8.3 million pa (LondonMetric share), of which GBP3.9 million
is subject to delayed completion until June 2020. The assets have
delivered ungeared IRRs of between 8% to 10% since purchase.
The total consideration reflects a 2.6% discount to 30 September
book value.
Following the sales, LondonMetric's big box warehousing will
represent 14% of its portfolio, across three assets. Income
exposure from Dixons Carphone will fall significantly from 6.3% to
3.0% and DFS exposure reduces from 5.4% to 4.3%.
On a pro forma basis, these sales reduce LTV to 35% compared to
38% at 30 September.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We have taken the opportunity to respond to global investor
demand for distribution warehousing to monetise some of our larger
assets in geographies where we expect income growth to be more
muted. The sales further improve the income diversification of our
largest occupiers and provides headroom to invest further into
urban logistics, which continues to offer superior income growth
prospects."
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
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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