LondonMetric Property PLC 260,000 SQ FT OF URBAN LOGISTICS LETTINGS AGREED (3677E)
07 July 2021 - 4:00PM
UK Regulatory
TIDMLMP
RNS Number : 3677E
LondonMetric Property PLC
07 July 2021
7 July 2021
LONDONMETRIC AGREES 260,000 SQ FT OF URBAN LOGISTICS
LETTINGS
IN BEDFORD AND NORTHAMPTON
LondonMetric Property Plc ("LondonMetric") announces that it has
exchanged contracts on two new lettings totalling c.260,000 sq ft,
each on 15 year lease terms, with 10 years to break.
At its Bedford Link development, LondonMetric has let 172,000 sq
ft to Carlton Packaging, one of the UK and Europe's leading
e-commerce packaging suppliers, at a rent of GBP1.33 million pa
(GBP7.70 psf), which is subject to five-yearly rent reviews at the
higher of CPI plus 1% or open market. The recently developed
warehouse is BREEAM Excellent and, under the terms of the letting,
250kW of solar PV will be installed. The letting crystallises a
yield on cost of 7.3%.
At Grange Park, Northampton, following a minor refurbishment,
LondonMetric has re-let 86,000 sq ft to My 1st Years, a supplier of
baby and children's gifts, at a rent of GBP0.65 million pa (GBP7.50
psf), representing a 29% uplift versus the previous passing rent.
The rent is subject to five-yearly reviews of CPI plus 1%.
Mark Stirling, Asset Director of LondonMetric, commented:
"These are excellent lettings at what are record rents for the
respective schemes and which demonstrate the continued strength of
occupier demand for quality warehouse space. They also reduce
warehouse vacancy across the LondonMetric portfolio to less than
1%.
"We continue to make good progress with pre-letting the final
warehouse at Bedford Link, which totals 360,000 sq ft and is due to
complete at the end of this year."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Mark Stirling / Martin McGann
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 15 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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