Close
Company Search
Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

LONDONMETRIC ACQUIRES GROCERY-LED ASSET FOR £18M

14th Sep 2021 07:00

RNS Number : 6350L
LondonMetric Property PLC
14 September 2021
 

 

14 September 2021

LONDONMETRIC PROPERTY PLC

LONDONMETRIC aCQUIRES grocery-LED ASSET for £18 million

 

LondonMetric Property Plc ("LondonMetric") has acquired a grocery-led property in South Ruislip, West London, for £18.0 million.

 

The 41,000 sq ft building is let to Aldi and B&M and has a WAULT of 9.4 years. It generates £0.9 million p.a. of rent (£21.40 psf), c.40% of which has RPI linked rent reviews. Prominently located on a 3.5 acre site adjacent to an Asda supermarket, the asset was substantially refurbished in 2015 and its sizeable car park provides further asset management potential.

 

Separately, Metric Income Plus Limited Partnership, LondonMetric's joint venture with Universities Superannuation Scheme Ltd, has sold a portfolio of three DIY and homeware properties for £14.2 million (LondonMetric share: £7.1 million) to a US investor. Located in Speke, Barnsley and Beverley, the properties are let to Wickes and Dunelm and have a WAULT of 10.2 years.

 

The sale price reflects a 9% premium to the 31 March 2021 book value.

 

Andrew Jones, Chief Executive of LondonMetric, commented:

"The recent sale of our Aldi/M&S store in Liverpool and the sale of three further properties today demonstrates the continued demand for our long income assets.

 

"The proceeds of these sales have been reinvested into a very well let grocery-led asset in a strong London geography. The acquisition not only provides greater certainty of income growth but also further asset management opportunities."

 

For further information, please contact:

 

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: +44 (0) 20 7484 9000

 

FTI Consulting

Dido Laurimore / Richard Gotla / Andrew Davis

Tel: +44 (0)20 3727 1000

 

About LondonMetric Property Plc

LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio, with 16 million sq ft under management. It owns and manages desirable real estate that meets occupiers' demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term.

Further information is available at www.londonmetric.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCLJMLTMTBBBTB

Related Shares:

LondonMetric
FTSE 100 Latest
Value8,676.86
Change43.11