BRACKMILLS DISTRIBUTION FACILITY SOLD FOR £14.4M

RNS Number : 6381K

LondonMetric Property PLC

20 April 2015

 

20 April 2015

LONDONMETRIC PROPERTY PLC

LONDONMETRIC SELLS TRAVIS PERKINS

DISTRIBUTION FACILITY IN BRACKMILLS FOR £14.4 MILLION

LondonMetric Property Plc ("LondonMetric" or "Company") announces that it has exchanged on the sale of its 170,000 sq ft Travis Perkins distribution facility in Brackmills, Northamptonshire to CBRE Global Investors for £14.4 million, reflecting a NIY of 5.5%.

The property was acquired in November 2013 for £9.0 million with four months remaining on the lease. LondonMetric re-geared the lease on a new ten year term at a yield on cost of 8.0%.

Following this disposal, LondonMetric's distribution portfolio (including developments) totals £584.3 million comprising 21 distribution centres with a WAULT of 14.5 years and with 52.1% of income subject to fixed uplift or RPI increases. The distribution portfolio is the Company's largest sector representing over 44% of the total portfolio.

Andrew Jones, Chief Executive of LondonMetric, commented:

"This is another very good asset that has performed strongly as a result of our active asset management. We will look to recycle the disposal proceeds into other accretive distribution assets."

LondonMetric was advised by North Rae Saunders and CBREGI was advised by Lindley Mortimer.

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For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann

Tel: [phone]

FTI Consulting

Dido Laurimore / Clare Glynn / Tom Gough

Tel: [phone]          

About LondonMetric Property Plc

LondonMetric (ticker: LMP) aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in Retail and predominantly retailer led Distribution properties. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties with enduring occupier appeal providing opportunities to improve both rental values and the security and longevity of income, and limited risk redevelopments with the aim of enhancing shareholder returns.

Further information on LondonMetric is available at www.londonmetric.com

 

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