14 October 2024
LONDONMETRIC PROPERTY
PLC
Occupational activity adds
£8.5 million of annual rental income
LondonMetric Property Plc
("LondonMetric" or "Company") announces an update on occupational
transactions which have added £8.5 million per annum of rent in
this financial year to date.
LondonMetric has settled 139 rent
reviews since 31 March 2024, delivering £5.7 million of additional
rent. This represents a 17% uplift on a five yearly equivalent
basis, with urban logistics reviews delivering an
uplift of 25%.
The Company has also signed 27
lettings over the same period, adding £2.8 million of additional
rent. Lettings activity has focused on LondonMetric's logistics and
retail warehousing assets and recent key deals comprise:
·
106,000 sq ft of regears at three distribution
warehouses in Havant, Greenford and Dudley, where the combined
annual rent has increased by 51% to £1.4 million and the WAULT has
increased to over ten years;
·
a 42,000 sq ft letting in Weymouth to M&S of a
new full line store on a 15-year lease at an annual rent of £0.9
million. Planning consent has recently been obtained for the new
development which is expected to deliver a yield on cost of 8% and
complete in Spring 2026;
·
a 36,000 sq ft distribution warehouse letting to
Ferraris Piston Service (FPS) in Cardiff on a new 15-year lease at
an annual rent of £0.4 million. The new development is expected to
deliver a yield on cost of 7% and complete in Spring
2025;
·
a 25,000 sq ft letting to Sainsbury's of a
convenience grocery store in Bromsgrove on a ten-year lease.
Sainsbury's replaces Homebase at a 24% higher annual rent of £0.5
million; and
·
two lettings to Howdens and Tapi of recently
vacated warehouses in Dulwich and Old Kent Road at a combined rent
of £0.5 million per annum and with a WAULT of ten years.
Andrew Jones, Chief Executive of LondonMetric,
commented:
"These are impressive results that
underscore the attraction of owning quality assets in winning
sectors. We continue to pivot the portfolio to take advantage
of structural shifts driving income growth and benefit from having
the wind at our back."
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
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