LondonMetric Property PLC ACQUISITION OF BEDFORD LOGISTICS DEVELOPMENT SITE (6081S)
04 October 2017 - 5:00PM
UK Regulatory
TIDMLMP
RNS Number : 6081S
LondonMetric Property PLC
04 October 2017
4 October 2017
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ACQUIRES 40 acre Regional logistics
development site at bedford link
LondonMetric Property Plc ("LondonMetric") announces that it has
unconditionally acquired the 40 acre Bedford Link site from the
local authority.
The site has planning consent for up to 670,000 sq. ft. of
logistics space and all other conditions relating to the purchase
have now been satisfied.
Bedford Link is situated on the A421, close to junction 13 of
the M1. It is next to Marsh Leys Business Park, a well-established
distribution location where LondonMetric owns an Argos warehouse
and other occupiers include Sainsbury's and Asda.
LondonMetric is engaged in active occupier discussions to
develop up to four regional distribution warehouses at a total
anticipated cost of GBP60 million delivering a yield of c7%.
Graftongate has been appointed as Development Manager with
enabling works due to commence shortly, and construction
anticipated to start in summer 2018.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We are pleased to be in a position to commence infrastructure
works, reinvesting proceeds from our recent disposals. We are still
unlocking value within this area of the market and will continue to
target yields on cost materially above current investment
yields.
"The supply of Grade "A" distribution space remains highly
constrained, which is reflected in the quality of our ongoing
discussions with potential occupiers."
LondonMetric was advised by DTRE and Graftongate.
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 distribution, convenience and long income property 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. Further information is
available at www.londonmetric.com
For more information on Bedford Link, please see
www.bedfordlink.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQUOVVRBVARRAA
(END) Dow Jones Newswires
October 04, 2017 02:00 ET (06:00 GMT)
Londonmetric Property (LSE:LMP)
Historical Stock Chart
From Apr 2024 to May 2024
Londonmetric Property (LSE:LMP)
Historical Stock Chart
From May 2023 to May 2024