17 October 2016
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ACQUIRES last mile distribution warehouse
LondonMetric Property Plc ("LondonMetric") announces that it has acquired a distribution warehouse in Stevenage for £7.3m at a NIY of 6.25%.
The 74,000 sq ft distribution warehouse is located immediately adjacent to the A1(M), on an established South East distribution park. The unit is let to Dixons Carphone for a further 9 years at a rent of £6.50 psf with a break clause in 4 years.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We continue to see superior value within the distribution sector where organic rental growth will exceed most other property sectors and this purchase offers strong reversionary potential."
LondonMetric was advised by Franck-Steier Price Property.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
Dido Laurimore / Tom Gough / Clare Glynn
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric (ticker: LMP) aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in retail led distribution, out of town and convenience retail properties. It employs an occupier-led approach to property with a focus on strong income, asset management initiatives and short cycle development. Its portfolio is broadly split between distribution and retail with a total of 12 million sq ft under management. LondonMetric works closely with retailers, logistics providers and leisure operators to help meet their evolving real estate requirements.
Further information on LondonMetric is available at www.londonmetric.com.
This information is provided by RNS