LondonMetric Property PLC ACQUISITION OF TWO LOGISTICS WAREHOUSES FOR £48M (7835X)
November 29 2017 - 1:00AM
UK Regulatory
TIDMLMP
RNS Number : 7835X
LondonMetric Property PLC
29 November 2017
29 November 2017
LONDONMETRIC PROPERTY PLC
ACQUISITION OF TWO LOGISTICS warehouses for GBP48 million
Let to clipper logistIcs and gefco
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of two logistics warehouses for GBP47.6 million,
reflecting a blended NIY of 5.0% rising to a minimum of 5.6% after
five years. The average lease length is over 18 years.
At Ollerton in Nottinghamshire, LondonMetric has agreed to
acquire a 364,000 sq ft regional warehouse let to Clipper Logistics
plc ("Clipper") on a 20 year lease, at a rent of GBP5.04 psf,
subject to annually payable RPI uplifts of between 2 - 4%. Founded
in 1992 and listed in 2014, Clipper is amongst the UK's leading
providers of logistics solutions and e-fulfilment to the retail
sector and employs nearly 4,000 people.
At Speke, LondonMetric has acquired a new 132,000 sq ft regional
logistics warehouse let to Gefco, on a new 15 year lease, at a rent
of GBP5.17 psf subject to five yearly RPI linked reviews of between
2 - 4%. Gefco is a global logistics company with an annual turnover
of over EUR4 billion
The unit is located nine miles from Liverpool city centre and
close to J6 of the M62.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Following the recent disposals of two short let assets in
Daventry and Bolton, we have quickly recycled some of the proceeds
into two very long let logistics investments where we will benefit
from guaranteed rental growth.
"Ecommerce fulfilment and reverse logistics continue to be an
increasingly important element of retailer supply chains. Clipper
is a market leader in the ecommerce sector and has strong
relationships with a number of the UK's leading retailers including
John Lewis, ASOS and M&S, whilst Gefco is a top 10 logistics
integrator in Europe."
Swettenham Real Estate and CPP acted for LondonMetric, and M1
Agency acted for the vendor on Ollerton.
-Ends-
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Tom Gough / Richard Gotla
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises
in distribution, convenience and long income property. It focuses
on strong and growing income and adding value through asset
management initiatives and short cycle developments. LondonMetric
has 13 million sq ft under management. Further information is
available at www.londonmetric.com
This information is provided by RNS
The company news service from the London Stock Exchange
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