REG - LondonMetric - DISPOSAL OF FOUR ASSETS FOR £26 MILLION

Londonmetric PropertyAnnouncement

16/08/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220816:nRSP0851Wa&default-theme=true

RNS Number : 0851W  LondonMetric Property PLC  16 August 2022

16 August 2022

LONDONMETRIC PROPERTY PLC

LONDONMETRIC sells four ASSETs for £26 million

 

LondonMetric Property Plc ("LondonMetric") has sold four assets, in two
separate transactions, for £25.6 million, reflecting a blended NIY of 5.3%.

 

The properties have a WAULT of five years and comprise:

 

·    a portfolio of three multi-let industrial assets totalling 53 units
across 235,000 sq ft, located in Halesowen and Aston, Birmingham. The
properties have a WAULT of three years and have been sold to The Ardent
Companies UK for £21.6 million, reflecting a NIY of 5.7%. They were acquired
by LondonMetric in 2019 as part of the Mucklow acquisition for an allocated
price of £15.8 million and have delivered an ungeared IRR of 20%; and

 

·      a roadside asset in Stamford Hill, London, which has been sold
for £4.0 million, reflecting a NIY of 3.5%. The property is let to TG
convenience for a further 19 years.

 

The assets generate a rent of £1.5 million p.a. and the transactions are
subject to delayed completions, which will generate £0.3 million of
additional income to LondonMetric.

 

The sales crystallise a blended ungeared IRR of 19% and a 35% profit on cost.
Since the start of the current financial year, LondonMetric has exchanged on
£111 million of sales at an average premium of 8% to the 31 March 2022 book
value.

 

Andrew Jones, Chief Executive of LondonMetric, commented:

"We have continued to react to market interest for our assets and, despite the
current macro uncertainty, have achieved strong sales that crystalise
attractive returns. This activity continues to ensure that our portfolio
remains modern, fit for purpose and positioned to outperform."

 

LondonMetric was advised by ACRE Capital Real Estate at Birmingham and Lewis
& Partners at Stamford Hill.

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 17
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
(http://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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISUVONRUBUWAAR