3rd Feb 2016 07:35
LONDON (Alliance News) - LondonMetric Property PLC on Wednesday said it grew rental income in the third quarter as it continued to make acquisitions and disposals.
The FTSE 250-listed property investor said its total investment activity in the quarter to the end of December totalled GBP142.1 million, with GBP92.7 million of disposals across its retail and leisure portfolio in the period, GBP31.2 million of distribution sector acquisitions, and an GBP18.2 million sale from the distribution portfolio.
The company said it added GBP900,000 to its yearly rental income in the quarter. Its occupancy rate was at 99.6% at the end of December, with its total portfolio valued at GBP1.5 billion.
"We have continued to sell assets which have delivered on their business plans and have reinvested into other investment and development opportunities that will deliver stronger income growth and value creation," said LondonMetric Chief Executive Andrew Jones.
"Our focus on retailer distribution and convenience stores is perfectly in line with this change in shopping behaviour and has delivered material income growth which will allow us to progress the dividend with certainty," Jones added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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