LondonMetric Property PLC SALE OF THREE SHORTER LET WAREHOUSES FOR £24M (2732M)
07 January 2019 - 6:00PM
UK Regulatory
TIDMLMP
RNS Number : 2732M
LondonMetric Property PLC
07 January 2019
7 January 2019
LONDONMETRIC PROPERTY PLC
Londonmetric sells THREE shorter let WAREHOUSES for GBP24
million
LondonMetric Property Plc ("LondonMetric") announces the
disposal of three distribution warehouses for GBP24.3 million to
various buyers, reflecting a blended NIY of 5.4%. The sale price
achieved is 4% above book value.
Two of the properties are located in Wakefield and the third is
a regional distribution warehouse in Ashby-de-la-Zouche. Combined,
they have a WAULT to first break of 3.4 years and all are subject
to open market rent reviews.
Andrew Jones, Chief Executive of LondonMetric, commented:
"The market remains strong for real estate assets with
structural support. Whilst we remain focused on growing our
logistics portfolio, we have continued to monetise some of our
shorter let assets, where we benefitted from yield compression, but
where we believe rental growth, in the weaker geographies, is less
certain.
"Whilst these sales will have an impact on our short term
earnings, they are the right property decisions, which strengthen
the remaining portfolio. Since the half year end, we have now sold
a total of GBP66 million of assets across sub sectors at a NIY of
4.8% and a WAULT to first break of 6 years."
JLL acted for Londonmetric at Ashby-de-la-Zouche and
Wakefield.
-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
londonmetric@fticonsulting.com
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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