LondonMetric Property PLC ACQUISITION OF TWO PROPERTIES FOR GBP31 MILLION (3280S)
March 16 2021 - 02:00AM
UK Regulatory
TIDMLMP
RNS Number : 3280S
LondonMetric Property PLC
16 March 2021
16 March 2021
LONDONMETRIC PROPERTY PLC
ACQUISITION OF TWO properties for GBP31 million
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of two warehouses in Milton Keynes for GBP31.2 million,
reflecting a blended net initial yield of 4.4% and a reversionary
yield of 5.0%. The buildings have a WAULT of 22 years and benefit
from contractual rental uplifts.
The two properties have been acquired in separate transactions
and comprise:
-- A 66,000 sq ft unit, which is let to TalkTalk as a data
centre and has been acquired for GBP23.9 million. It is let for a
further 26 years term certain and benefits from annual RPI linked
rent reviews of between 2-4%. The property is strategically located
one mile from the centre of Milton Keynes. It exhibits a very low
site density of 29% and offers excellent data and power
connectivity. The occupier has invested significantly into the
building.
-- A 42,000 sq ft urban logistics warehouse, which has been
acquired for GBP7.3 million. It is let on a new 10 year lease and
benefits from annual rent reviews at the higher of OMV or RPI
between 2% to 5%. The building is located three miles from the
centre of Milton Keynes and has a very low site density of 27%.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Following our recently announced disposal of long let NNN
retail assets, we are pleased to have quickly redeployed the
proceeds into two high quality acquisitions let on very long leases
with guaranteed rental growth.
"These assets are very well located in attractive urban
geographies with strong infrastructure characteristics and provide
high occupier contentment."
LondonMetric was advised by Knight Frank on the larger unit and
by Allsop on the other building.
OLIM Property Limited, who sold the larger unit for a
discretionary investment management client, was advised by JLL.
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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