LondonMetric Property PLC TWO URBAN LOGISTICS ACQUISITIONS FOR £24M (2219Y)
20 August 2018 - 4:00PM
UK Regulatory
TIDMLMP
RNS Number : 2219Y
LondonMetric Property PLC
20 August 2018
20 August 2018
LONDONMETRIC PROPERTY PLC
ACQUISITION OF TWO urban LOGISTICS warehouses for GBP24
million
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of two urban logistics warehouses for GBP23.5 million,
reflecting a blended NIY of 4.9% and rising to 5.6% after five
years. The average lease length is 13 years.
A 48,000 sq ft warehouse has been acquired in Avonmouth, let to
CHEP at a rent of GBP0.7 million pa, subject to annual RPI linked
reviews of between 2 - 4%. CHEP is a global leader in pallet
supplies and distribution, and is part of the Brambles Group. The
warehouse was built in 2012 and has a very low site density of 14%,
providing future optionality for further development. It is located
on Central Park, the South West's largest distribution park.
An 80,000 sq ft warehouse has been acquired in Cambridgeshire,
let to Cambridge Commodities at a rent of GBP0.5 million pa,
subject to five yearly RPI linked reviews of between 2 - 4%.
Cambridge Commodities provides nutritional ingredients to the
sports, health, animal and food industries. The newly built
warehouse is located on an established business park occupied by
tech and R&D focused companies.
Andrew Jones, Chief Executive of LondonMetric, commented:
"These two modern warehouses are fully income generating, let
for an average of 13 years to established occupiers and benefit
from guaranteed rental growth.
"Following these acquisitions, our urban logistics portfolio is
approximately GBP420 million and we will continue to take advantage
of selective opportunities to grow our urban logistics portfolio
above GBP500 million in the near term."
LondonMetric was advised by Knight Frank at Avonmouth and by FSP
at Cambridgeshire.
-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
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END
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