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
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