3 March 2025
LONDONMETRIC PROPERTY
PLC
Occupational activity adds
£13.2 million of annual rental income
LondonMetric Property Plc
("LondonMetric") announces that since 30 September 2024 it has
secured an additional £5.5 million per annum of rent from 122
lettings, regears and rent reviews, increasing total rent from
occupational activity in this financial year by £13.2 million per
annum.
28 lettings and regears have been
signed with a WAULT of 23 years (11 years excluding Warwick
Castle), adding £3.3 million of rent per annum. Key transactions
include:
·
Lettings and regears on 12 urban logistics
warehouses have added £1.9 million of rent per annum, reflecting an
average uplift of 39% against previous passing rent;
·
M&S convenience lettings in Weymouth and
Lancashire have added £1.5 million of rent per annum;
· A
regear at Warwick Castle has added £0.8 million of rent per annum,
as part of the funding of a new 62-bedroom hotel;
· A
regear of a 310,000 sq ft regional warehouse, let to XPO, has added
five years term certain and £0.4 million of rent per annum, a 36%
uplift against previous passing rent;
·
Development lettings of three new drive-thru/to pods to
Popeyes, Burger King and Starbucks, have added £0.3 million of rent
per annum; and
·
Letting to British Garden Centres of three Dobbies garden
centres following a restructuring by Dobbies. These former LXi
assets have seen the rent fall by £1.4 million per annum but now
benefit from turnover rent provisions.
LondonMetric has also signed 94 rent reviews,
securing £2.2 million per annum of additional rent, representing a
16% uplift on a five-yearly equivalent basis. Rent reviews across
the logistics portfolio delivered an 18% uplift, with urban
logistics assets achieving an uplift of 24%.
Andrew Jones, Chief Executive of LondonMetric,
commented:
"Our recent activity reflects the
ongoing attractiveness of owning high quality assets in winning
sectors where occupational demand is strong. These transactions
support our capital allocation decisions and are allowing us to
maintain our very high occupancy rate, while keeping us on target
to deliver c.£26 million of additional rent over the 18 month
period to March 2026."
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
londonmetric@fticonsulting.com
About
LondonMetric Property Plc
LondonMetric is the UK's
leading triple net lease REIT with a £6 billion portfolio aligned
to structurally supported sectors of logistics, healthcare,
convenience, entertainment and leisure. 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
