Source - Alliance News

LondonMetric Property PLC - London-based property investor - Acquires two urban logistics properties for £28.8 million, in separate transactions. The properties reflect an expected blended yield of 4.5% and a reversionary yield of 5.0%. They are expected to generate £1.4 million a year in rent.

The first property is a 125,000 square foot urban logistics forward development in Leicester, England. It comprises of two units and is expected to be completed at the start of 2023. The second property is a nine-acre site in Droitwich, England which is used for vehicle storage and currently let to Amazon.com Inc.

Chief Executive Andrew Jones said: ‘We are continuing to allocate capital into the strongest geographies within the distribution sector, where we can benefit from attractive entry yields and structurally supported occupier demand to capture superior rental growth.’

Current stock price: 272.05 pence, down 0.7% in London

12-month change: up 19%

Copyright 2022 Alliance News Limited. All Rights Reserved.

Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Londonmetric Property PLC (LMP)

+3.40p (+1.70%)
delayed 18:09PM