TIDMLMP

RNS Number : 2978P

LondonMetric Property PLC

18 October 2021

18 October 2021

LONDONMETRIC PROPERTY PLC

LONDONMETRIC ACQUIRES GBP20.2 million OF LONDON LOGISTICS ASSETS

LondonMetric Property Plc ("LondonMetric") announces the acquisition of two last mile logistics assets in Fulham and Tottenham for a combined purchase price of GBP20.2 million.

The assets total 44,000 sq ft and have been acquired with vacant possession in two separate transactions. LondonMetric will refurbish both properties at a cost of GBP1.4 million which, once fully let, is expected to deliver a blended yield on cost of 4.5%.

At the 21,000 sq ft warehouse in Fulham, terms have already been agreed with Jacuna Kitchens, a dark kitchens operator, to pre-let c.60% of the space.

These assets complement LondonMetric's other recent London last mile logistics acquisitions in Brent Cross and Streatham, which were acquired earlier in the year.

Andrew Jones, Chief Executive of LondonMetric, commented:

"It is clear that occupier demand for urban logistics assets in the strongest geographies is delivering superior rental growth. These acquisitions form part of LondonMetric's strategy to increase its urban logistics investment within London and the South East, where there is a high intrinsic land value from alternative use."

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQUVSNRAKURAAA

(END) Dow Jones Newswires

October 18, 2021 02:00 ET (06:00 GMT)

Londonmetric Property (LSE:LMP)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Londonmetric Property Charts.
Londonmetric Property (LSE:LMP)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Londonmetric Property Charts.