LondonMetric Property PLC Disposal (8024J)
10 April 2015 - 4:00PM
UK Regulatory
TIDMLMP TIDMBBOX
RNS Number : 8024J
LondonMetric Property PLC
10 April 2015
10 April 2015
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS HARLOW
DISTRIBUTION FACILITY FOR GBP37.2 MILLION
LondonMetric Property Plc ("LondonMetric" or "Company" or
"Group") announces that it has exchanged on the sale of the 268,000
sq ft Brake Bros Ltd. distribution facility in Harlow to Tritax Big
Box REIT plc for GBP37.2 million (LondonMetric's share: GBP18.6
million).
The property, which was built in 1989, is owned in a 50:50 joint
venture between LondonMetric and Green Park and was acquired in
August 2011 for GBP22.9 million. Last year, LondonMetric accepted a
surrender of the 16.8 acre site from Tesco and completed the
re-letting to Brake Bros Ltd. on a new 25 year lease subject to RPI
uplifts of between 0 - 5.0% pa every 5 years.
The current passing rent is GBP1.8 million pa which will be
'topped' up to the next rent review, reflecting a 5.0% NIY to the
purchaser.
Following this disposal, LondonMetric's distribution portfolio
(including developments) totals GBP598.1 million in 22 distribution
centres with a WAULT of 14.4 years and with 51.0% of income subject
to fixed uplift or RPI increases. The distribution portfolio is now
the Group's largest sector representing over 45% of the total
portfolio.
Andrew Jones, Chief Executive of LondonMetric, commented:
"This is a very good asset that has been a strong performer for
us and our partner. It further demonstrates our ability to actively
manage our portfolio to create well let institutional property.
Once we completed the asset management initiative at the end of
last year we were always prepared to monetise our position and will
now look to reinvest the proceeds into other accretive distribution
assets where we can work with our customers to deliver further
shareholder value."
Tritax Big Box REIT plc was advised by DTRE. LondonMetric
represented the joint venture.
-Ends-
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Clare Glynn / Tom Gough
Tel: +44 (0) 20 3727 1000
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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