15 January 2025
LONDONMETRIC PROPERTY
PLC
LONDONMETRIC TRANSACTS ON
£124 MILLION OF ACQUISITIONS AND SALES
LondonMetric Property Plc
("LondonMetric") announces that it has sold ten non-core properties
for a total consideration of £74.2 million (LondonMetric share:
£69.4 million) and reflecting a NIY of 6.9%. The sales
comprise:
· A
138,000 sq ft retail park in Coventry, sold for £37.3 million
reflecting a core NIY of 5.5% and a topped up NIY of 6.0%. It is
let to 13 occupiers including Currys, Aldi, B&M and Dunelm at
an average rent of £17.50 psf and has a WAULT of six years.
LondonMetric acquired the asset in 2010 for £18 million and has
extensively asset managed the park, delivering a profit on cost of
37%;
· An 82,000 sq ft
Compass training office in Yarnfield, sold for £17.4
million;
· A 35,000 sq ft
convenience retail park in Totton, sold for £9.5 million (£4.7
million at share);
· Two
offices in Coventry, sold for £3.3 million, which completes the
sell down of the 11 offices acquired through the A&J Mucklow
acquisition;
· Two Stonegate
pubs in Preston and Southampton, sold for £3.3 million;
· A former Dobbies
garden centre in Huddersfield, sold for £3.1 million;
and
· Two parcels of
development land, sold for £0.3 million.
Since 31 March 2024, LondonMetric
has sold 65 assets for £307 million (LondonMetric share: £302
million) at a 2% premium to prevailing book value. These disposals
include the sale last year of a warehouse in Leicester let to UAV
Tactical Systems which has now completed.
Separately, LondonMetric announces
that is has acquired seven properties for £50.1 million, reflecting
a NIY of 6.5% which is expected to rise to 7.2% over five years.
The deals comprise:
· Four Travis
Perkins trade warehouses in Colchester, Lymington, Sheffield and
Trowbridge, acquired for £16.4 million through a 15-year sale and
leaseback, with open market reviews;
· A
Premier Inn hotel in West Thurrock with 193 bedrooms and let for a
further ten years with RPI linked reviews, acquired for £14.7
million;
· A
54,000 sq ft convenience retail property in Andover, acquired for
£12.2 million and let for a further six years to Wickes, The Range
and KFC, with open market reviews; and
· A new
22,000 sq ft M&S foodstore, pre-let on a 15-year lease, to be
developed at a cost of £6.8 million, reflecting a yield on cost of
7.8%.
Andrew Jones, Chief Executive of LondonMetric,
commented:
"We have again successfully disposed
of non-core assets at prices in line with our valuations and
reinvested into higher quality opportunities in strong conviction
sectors, where rental growth prospects are more
compelling."
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