LondonMetric Property PLC THREE URBAN LOGISTICS WAREHOUSES ACQUIRED FOR £24M (6242G)
31 May 2017 - 4:00PM
UK Regulatory
TIDMLMP
RNS Number : 6242G
LondonMetric Property PLC
31 May 2017
31 May 2017
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ACQUIRES three urban logistics
warehouses for GBP24 million
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of three separate urban logistic warehouses in Crawley,
Coventry and Huyton for GBP23.9 million. The purchase price
reflects a blended yield of 6.0% and a reversionary yield of 6.8%.
The WAULT is 11.7 years.
At Crawley, LondonMetric has acquired a 51,000 sq ft warehouse
located close to Gatwick airport. The warehouse is let for a
further 6.4 years to TNT at a rent of GBP6.31 psf compared to an
ERV of GBP9.00psf. There is a break clause and an open market rent
review in 2018.
At Coventry, LondonMetric has acquired a 90,000 sq ft warehouse
located immediately adjacent to Coventry Airport and 0.5 miles from
the A45/A46 junction. The warehouse is let to DHL on a new ten year
lease at a rent of GBP4.75 psf. There is a break clause and an open
market rent review in five years.
At Huyton, LondonMetric has acquired a 120,000 sq ft warehouse
located on the M62/M57 intersection. The warehouse is let to
Antolin Interiors, part of Grupo Antolin, on a new 15 year lease,
at a rent of GBP6.20 psf, subject to RPI rent reviews to a minimum
of 2% pa and a maximum of 4% pa.
LondonMetric was advised by Cogent Real Estate and FTD Johns on
Crawley, by Levy on Coventry and by JLL on Huyton. Lambert Smith
Hampton and CBRE acted for the vendors on Coventry and Huyton
respectively.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Over the last 12 months our urban logistics portfolio has grown
substantially to GBP185 million across 26 assets. We will continue
to build on this critical mass as the sector benefits from an
increasingly favourable demand/supply imbalance.
"Following these purchases, the proceeds of our recent equity
raise have now been fully committed in line with our strategy, into
attractive real estate that offers high occupier appeal, in strong
locations with good reversionary potential."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Tom Gough / Richard Gotla
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises
in retailer-led distribution, convenience and out of town retail
with a focus on strong and growing income and adding value through
asset management initiatives and short cycle developments.
LondonMetric has 12 million sq ft under management and a high
proportion of its assets are in retailer-led distribution. Further
information on LondonMetric is available at
www.londonmetric.com
About Group Antolin
Groupo Antolin is one of the largest players in the car
interiors market internationally. It has EUR5.2 billion of sales
annually, a global presence in 26 countries and c28,000
employees.
This information is provided by RNS
The company news service from the London Stock Exchange
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