3rd Mar 2025 11:16
(Alliance News) - LondonMetric Property PLC on Monday said it is on track to hit rental income targets for 2026 after seeing a healthy recent increase in rental income.
The London-based property company said that since September 30, it has secured an extra GBP5.5 million per annum of rent from 122 lettings, regears and rent reviews, increasing total rent from occupational activity in this financial year by GBP13.2 million per annum.
Lettings and regears on 12 urban logistics warehouses have added GBP1.9 million of rent per annum, and Marks & Spencer Group PLC convenience lettings in Weymouth and Lancashire have added GBP1.5 million of rent per annum, it said. Other deals highlighted included a regear at Warwick Castle which has added GBP0.8 million of rent per annum, as part of the funding of a new 62-bedroom hotel.
Further, LondonMetric has also signed 94 rent reviews, securing GBP2.2 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%, it said.
Chief Executive Andrew Jones said: "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 [around] GBP26 million of additional rent over the 18 month period to March 2026."
Shares in LondonMetric were down 1.0% at 184.50 pence each in London on Monday morning.
By Jeremy Cutler, Alliance News reporter
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