LondonMetric Property PLC LONDONMETRIC ACQUIRES A CURRYS PCWORLD STORE (4907N)
09 August 2017 - 4:00PM
UK Regulatory
TIDMLMP
RNS Number : 4907N
LondonMetric Property PLC
09 August 2017
9 August 2017
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ACQUIRES A CURRYS PCWORLD STORE
IN SOUTH WEST LONDON FOR GBP28.3 MILLION
LondonMetric Property Plc ("LondonMetric") announces that it has
acquired Burlington Retail Park in South West London for GBP28.3
million from a large UK institution.
The 51,500 sq ft unit in New Malden, South West London, is
located next to the A3 and is majority is let to Dixons Carphone
operating their 3 in 1 Megastore format with a 5,000 sq ft unit let
to Dreams.
The investment will now generate a revised total income of
GBP1.85 million pa with a WAULT of 14.4 years (9.8 years to
break).
Andrew Jones, Chief Executive of LondonMetric, commented:
"This investment is in line with our strategy of acquiring
logistics and convenience retail assets in the strongest locations
and with high occupier contentment. It provides us with a very
attractive yield on cost with the certainty of future income growth
and the comfort of a high intrinsic land value.
"This is an outstanding trading location and we look forward to
working with both occupiers to maximise the full potential from the
property."
LondonMetric was advised by Cortex and Curzon Sowerby. The
vendor was advised by Savills.
-Ends-
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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