25th Jun 2020 09:22
(Alliance News) - LondonMetric Property PLC said Thursday it has made two acquisitions for GBP72.9 million, in line with its targets for the GBP120 million raised through an equity placing in early May.
The first acquisition was for a portfolio of five food stores let to Waitrose on new 20-year leases, with the stores located in Keynsham, Malmesbury, Paddock Wood, Towcester and Yateley.
The stores, which range in size from 27,000 square feet to 43,000 square feet will be bought for GBP62.0 million, but Waitrose will continue to trade from the stores as normal.
The second acquisition by the FTSE 250-listed property investor was a 32,000 square feet urban logistics unit in Walthamstow, London for GBP10.9 million, which is let to online grocer Ocado PLC.
Together the assets generate a total rent of GBP3.3 million per annum, reflecting a blended net initial yield of 4.3%.
"These are high-quality and well-located assets in structurally supported sectors, let to strong occupiers that offer secure triple net income and the certainty of income growth. These investments will increase our exposure further to the winning sectors and occupiers, with Waitrose now a top ten occupier and Ocado a new addition to our customer base," said Chief Executive Andrew Jones.
Shares in LondonMetric Property were down 0.2% at 211.60 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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