LONDONMETRIC COMPLETES DEBUT PURCHASE

RNS Number : 3464Y

Londonmetric Property Plc

21 February 2013

 



21 February 2013

LONDONMETRIC PROPERTY PLC

LONDONMETRIC COMPLETES DEBUT PURCHASE OF £92.4 MILLION
RETAIL WAREHOUSE PORTFOLIO

Further to its announcement on 31 January 2013, LondonMetric Property Plc ("LondonMetric"), the UK REIT, confirms completion of the acquisition of a portfolio of six retail warehouse assets. The total consideration for the purchase was £92.4 million (net of acquisition costs) reflecting an average net initial yield after purchasers' costs of 7.8%.

The acquisition, which delivers day one income of circa £7.5 million, generates an initial cash return of over 12% when combined with our attractive existing debt facilities and will continue to grow as fixed rental uplifts on approximately 50% of the income fall due.

-Ends-

For further information, please contact:

LondonMetric Property plc

Andrew Jones / Martin McGann

Tel: [phone]

FTI Consulting

Stephanie Highett / Dido Laurimore / Daniel O'Donnell

Tel: [phone]          

Notes to editors:

LondonMetric Property Plc (ticker: LMP) is a UK REIT admitted on the Official List and to trading on the Main Market of the London Stock Exchange. The Company was established on 28 January 2013 as a result of the merger between London & Stamford Property Plc (LSP) and Metric Property Investments plc (METP).

LondonMetric 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 Distribution properties as well as Greater London real estate opportunities. 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.

The website of LondonMetric and the content of any website accessible from hyperlinks on such website (or any other website) is not (or is deemed not to be) incorporated into, nor forms (or is deemed to form) part of, this announcement

 

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