LondonMetric Property PLC ACQUISITION OF GBP20.2M OF LONDON LOGISTICS ASSETS (2978P)
18 October 2021 - 5:00PM
UK Regulatory
TIDMLMP
RNS Number : 2978P
LondonMetric Property PLC
18 October 2021
18 October 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ACQUIRES GBP20.2 million OF LONDON LOGISTICS
ASSETS
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of two last mile logistics assets in Fulham and
Tottenham for a combined purchase price of GBP20.2 million.
The assets total 44,000 sq ft and have been acquired with vacant
possession in two separate transactions. LondonMetric will
refurbish both properties at a cost of GBP1.4 million which, once
fully let, is expected to deliver a blended yield on cost of
4.5%.
At the 21,000 sq ft warehouse in Fulham, terms have already been
agreed with Jacuna Kitchens, a dark kitchens operator, to pre-let
c.60% of the space.
These assets complement LondonMetric's other recent London last
mile logistics acquisitions in Brent Cross and Streatham, which
were acquired earlier in the year.
Andrew Jones, Chief Executive of LondonMetric, commented:
"It is clear that occupier demand for urban logistics assets in
the strongest geographies is delivering superior rental growth.
These acquisitions form part of LondonMetric's strategy to increase
its urban logistics investment within London and the South East,
where there is a high intrinsic land value from alternative
use."
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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