26th Jan 2015 07:48
LONDON (Alliance News) - LondonMetric Property PLC on Monday said it repositioned its portfolio in the third quarter, with a focus on capitalising on the growth of e-commerce, and said it expects to benefit further from capital recycling in the coming year.
The FTSE 250-listed property investor said it undertook GBP362.1 million of investment activity in the trading period between October 1 and January 26, of which GBP344.4 million had been previously announced.
The group acquired nine properties in the period, costing a total of GBP157.8 million, with an average yield of 6.1%. The group completed a total of GBP61.6 million in retail disposals, with an average exit yield of 6.3%.
LondonMetric said it has now substantially repositioned its portfolio, with 90% of its investments concentrated on its core sectors of retailer-led distribution and out-of-town retail properties. The group's core portfolio is 99.5% occupied.
"The GBP362 million of investment activity undertaken during the period has strengthened our portfolio further, whilst providing greater alignment to the growth of e-commerce through retail-led distribution assets and the convenience of click and collect offered by our out-of-town retail portfolio," said LondonMetric Chief Executive Andrew Jones.
"The occupational and investment markets are continuing to strengthen and, against this backdrop, we expect to benefit from further capital recycling across the portfolio, reinvesting proceeds into retail led distribution and retail warehousing, where we can benefit from our strong occupier relationships," Jones added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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