LondonMetric Property PLC LONDONMETRIC ACQUIRES LONG LET SERVICE STATIONS (6275N)
February 02 2021 - 1:00AM
UK Regulatory
TIDMLMP
RNS Number : 6275N
LondonMetric Property PLC
02 February 2021
2 February 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ACQUIRES GBP22 MILLION OF LONG LET CONVENIENCE
SERVICE STATIONS AND SELLS GBP4 MILLION OF KWIK FIT AND CAR WASH
ASSETS
LondonMetric Property Plc ("LondonMetric") announces that it has
acquired GBP21.9 million of convenience service stations across
three separate transactions reflecting a blended NIY of 5.1%. The
seven assets have a WAULT of 18 years and all benefit from
contractual rental uplifts.
The transactions comprise:
-- Four modern Co-op convenience service stations in
Basingstoke, Dagenham and South Wales acquired for GBP12.5 million.
The assets are let on a WAULT of 16 years, benefit from fixed
rental uplifts and are 20% reversionary;
-- Two London convenience service stations in Stamford Hill and
Plumstead acquired for GBP5.4 million through a sale and leaseback
arrangement with TG Convenience Stores. The properties are let for
20 years and benefit from inflation linked rent reviews; and
-- A new Shell and Budgens service station in Worcester acquired
for GBP4.0 million. The property is let to Motor Fuel Group for a
further 23 years and benefits from inflation linked rent
reviews.
Separately, LondonMetric has sold GBP4.2 million of Kwik Fit
service stations and IMO car washes at a NIY of 4.7%. These assets
were originally acquired through larger portfolio transactions.
Andrew Jones, Chief Executive of LondonMetric, commented:
"These long income acquisitions offer attractive triple net
income and are let on long leases to strong covenants with
certainty of income growth. Given their strong locations, they are
also underwritten by vacant possession value."
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
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's
leading listed logistics platforms alongside a diversified long
income portfolio, with 16 million sq ft under management. 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
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END
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