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REG - LondonMetric - LONDONMETRIC TRANSACTS ON £120 MILLION OF ASSETS

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RNS Number : 3828C  LondonMetric Property PLC  02 September 2024

2 September 2024

LONDONMETRIC PROPERTY PLC

LONDONMETRIC TRANSACTS ON £120 MILLION

OF ACQUISITIONS AND DISPOSALS

 

LondonMetric Property Plc ("LondonMetric" or "Company") announces that it has
transacted on £70 million of warehouse acquisitions and £50 million of non
core disposals.

The £70 million of acquisitions consist of seven warehouses with a WAULT of
15 years, acquired at a blended NIY of 5.8%, rising to a minimum of 6.1% over
the next two years and 6.5% after five years, with 91% of rent subject to open
market reviews. They comprise:

·    A 182,000 sq ft regional logistics warehouse in Avonmouth let to
Farmfoods Ltd acquired through a sale and leaseback for £26.4 million and
with five-yearly rent reviews to the higher of OMV or CPI+1 compounded
annually;

·    A 211,000 sq ft fully let urban logistics park in Wednesbury acquired
from a pension fund for £25.0 million with a low site density of 21% and
immediate asset management opportunities through open market reviews; and

·     Five trade warehouses in Leeds, Derby, Swindon, Bolton and Farnham
totalling 113,000 sq ft, acquired for £18.9 million and let to Travis Perkins
(x2), MKM (x2) and Jewson.

 

The £50 million of disposals consist of ten former LXi assets and a former
CTPT asset, which have been sold at a blended NIY of 7.2% and in line with 31
March 2024 book values. They comprise:

·      A 169,000 sq ft Compass training centre in Milton Keynes sold for
£23.7 million;

·      A 34,000 sq ft car show room in York let to Vertu sold for £10.5
million;

·      A 34,000 sq ft self-storage asset in Basildon let to Lok'nStore
sold for £10.0 million;

·      Seven care homes sold for £3.2 million; and

·      An 18,000 sq ft Nissan car show room in Doncaster sold for £2.5
million.

Andrew Jones, Chief Executive of LondonMetric, commented:

"We have been very clear on our desire to monetise some assets acquired from
our corporate takeovers. We have now sold c.£100 million of LXi assets, with
13 of the 16 non core CTPT assets also sold at an average of 14% above our
original underwrite values.

"We have successfully reinvested these proceeds into high quality properties,
in stronger sectors that will deliver accelerated income growth."

 

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

londonmetric@fticonsulting.com (mailto:londonmetric@fticonsulting.com)
 

 

About LondonMetric Property Plc

LondonMetric is the UK's leading triple net lease REIT with a £6 billion
portfolio aligned to structurally supported sectors of logistics, healthcare,
convenience, entertainment and leisure. 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
(http://www.londonmetric.com)

 

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