3rd Apr 2019 07:48
LONDON (Alliance News) - LondonMetric Property PLC on Wednesday said it has exchanged contracts with retailer Argos, a subsidiary of J Sainsbury PLC, to extend the lease at its distribution warehouse in Bedford by a further 12 years.
The new lease will generate rent of GBP4.1 million per annum, the FTSE 250-listed property company said.
In addition, LondonMetric said it has exchanged contracts with furniture retailer Oak Furniture Land to extend its 302,000 square feet distribution warehouse in Swindon by 55,000 square feet.
Construction is expected to commence in May at a cost of GBP4 million. The lease will run for a further nine years, generating rent of GBP1.9 million annually.
"We continue to work closely with our occupiers to ensure that our real estate meets their future trading requirements and remains fit for purpose," said LondonMetric Asset Director Mark Stirling.
"As well as providing greater certainty of income, these deals also give us better certainty of future income growth with all of our mega distribution warehouses now benefiting from contractual rental uplifts," added Stirling.
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