LondonMetric Property PLC SALE OF TESCO LOGISTICS WAREHOUSE FOR £24.4M (0336X)
21 November 2017 - 6:00PM
UK Regulatory
TIDMLMP
RNS Number : 0336X
LondonMetric Property PLC
21 November 2017
21 November 2017
LONDONMETRIC PROPERTY PLC
disposAL of a tesco regional LOGISTICs
warehouse for GBP24.4 million
LondonMetric Property Plc ("LondonMetric") announces the
disposal of a Tesco's logistics warehouse in Bolton for GBP24.4
million, reflecting a NIY of 5.35%.
The 274,000 sq ft regional warehouse was acquired as part of the
GBP117 million Cabot logistics portfolio in August 2017 off a
blended NIY of 6.1%.
The unit is let to Tesco for a further four years at a rental of
GBP1.395 million pa, off GBP5.27 psf.
LondonMetric continues to retain the remaining 13 logistics
assets from the Cabot portfolio of which 11 are urban
logistics.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Consumer shopping patterns in food retailing continue to evolve
quickly and so in response to strengthening investor appetite for
logistics assets over the last few months, we have decided to
monetise this asset.
"In line with our strategy, we will recycle the proceeds into
our growing urban logistics portfolio and our development pipeline
which offer more attractive yields and greater certainty of
growth."
-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 distribution, convenience and long income property. It focuses
on strong and growing income and adding value through asset
management initiatives and short cycle developments. LondonMetric
has 13 million sq ft under management. Further information 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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