LONDONMETRIC COMPLETES £21M LOGISTICS ACQUISITION

LondonMetric Property PLC
08 January 2024
 

8 January 2024

 

LONDONMETRIC PROPERTY PLC

LONDONMETRIC COMPLETES £21 MILLION LOGISTICS ACQUISITION

 AND £7 MILLION OFFICE SALE

 

LondonMetric Property Plc ("LondonMetric") announces that it has completed the acquisition of a long-let distribution warehouse in Doncaster for £21.2 million, reflecting a NIY of 6.3%.

 

The 264,000 sq ft regional logistics warehouse is let to Next for a further 13 years at a rent of £1.42 million p.a., which equates to a low £5.37 psf.  The lease benefits from annual fixed rental uplifts of 2.5% which will increase the purchase NIY to 7.1% within three years.

 

Separately, LondonMetric has sold an 18,000 sq ft office investment in Chiswick for £7.4 million. The multi-let office is 59% occupied with a WAULT of 1.5 years and was acquired as part of the A&J Mucklow takeover in 2019.

 

Andrew Jones, Chief Executive of LondonMetric, commented:

"As the UK economy reaches an inflection point on both inflation and interest rates, we are increasingly attracted to triple net leased assets that have strong income compounding characteristics and certainty of growth.

 

"We have continued to successfully exit non-core assets and reinvest into sectors that benefit from structural tailwinds. We have now, based on purchase value, disposed of 39% of the Mucklow portfolio."

 

 

LondonMetric was advised by GV & Co in respect of Doncaster.

 

 

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 grocery-led long income portfolio, with 17 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
 
 
UK 100

Latest directors dealings