LondonMetric Property PLC THREE URBAN LOGISTICS ACQUISITIONS FOR GBP19M (6065Y)
14 May 2021 - 4:00PM
UK Regulatory
TIDMLMP
RNS Number : 6065Y
LondonMetric Property PLC
14 May 2021
14 May 2021
LONDONMETRIC PROPERTY PLC
ACQUISITION OF three urban LOGISTICS warehouses for GBP19
million
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of three urban logistics warehouses in Croydon,
Dunstable and Warrington for GBP18.7 million, reflecting a blended
NIY of 4.3% and a reversionary yield of 5.3%. The warehouses have
been acquired in separate transactions and have a WAULT of five
years.
In Croydon, a highly reversionary 28,000 sq ft urban warehouse
has been acquired for GBP5.3 million which is let to HTC Group for
a further four years at a low rent of GBP9.00 psf. The building is
situated in a prime South London industrial location.
In Dunstable, a highly reversionary 19,000 sq ft urban warehouse
has been acquired for GBP3.0 million. It is let to Deralam
Laminates for a further four years at a low rent of GBP7.00 psf.
The high specification building is situated in an established
industrial location within close proximity to J11a of the M1. The
next rent review is due in February 2022.
In Warrington, 73,000 sq ft of warehousing has been acquired for
GBP10.4 million. It is let predominantly to IKEA with a WAULT of
six years at an average rent of GBP6.60 psf. The high specification
and recently refurbished building is well located, situated less
than a mile away from J8 of the M62 and with nearby retail and
residential.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Through high quality acquisitions, we continue to grow our
urban logistics portfolio which now totals GBP1.0 billion. These
purchases are very well located with high residual values, offering
attractive yields and strong rental growth prospects through open
market reviews and/or re-let opportunities."
-Ends-
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's
leading listed logistics platforms alongside a diversified long
income portfolio, with 16 million sq ft under management. It owns
and manages desirable real estate that meets occupiers' demands,
delivers reliable, repetitive and growing income-led returns and
outperforms over the long term.
Further information is available at www.londonmetric.com
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END
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