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Londonmetric PropertyAnnouncement

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RNS Number : 2576Q  LondonMetric Property PLC  09 July 2025

9 July 2025

LONDONMETRIC PROPERTY PLC

TRADING UPDATE

 

Ahead of its Annual General Meeting later this morning, LondonMetric Property
Plc ("LondonMetric") provides a trading update.

 

Completion of M&A

Following completion of the acquisition of Highcroft Investment Plc
("Highcroft") on 21 May 2025 and Urban Logistics REIT plc ("Urban Logistics")
on 23 June 2025, integration of both businesses is proceeding well.

 

These acquisitions have increased LondonMetric's portfolio value to £7.3
billion as at 30 June 2025 (31 March 2025: £6.2 billion), with net contracted
rent increasing to c.£410 million pa (31 March 2025: £340 million).

 

As previously announced, LondonMetric has now acquired the Investment Adviser
business of Urban Logistics for £7 million with a further £1 million
conditional upon specified targets being met. Five former employees of the
Investment Adviser have now joined the LondonMetric team.

 

Investment activity

Since its full year results announcement in May 2025, LondonMetric has sold a
further six assets for £42.6 million, in separate transactions. The sales
comprise:

·      A 290,000 sq ft regional logistics warehouse in Sheffield, sold
to an owner occupier for £26.0 million;

·      Four former LXi assets, sold for £15.4 million and comprising
two pubs, a children's nursery and a retail asset in Scotland; and

·      A former Highcroft vacant office building in Cardiff, sold for
£1.2 million.

 

So far this financial year, LondonMetric has sold 14 assets for £106 million,
in line with 31 March 2025 book values.

 

Asset management

Operationally, the portfolio continues to perform well and occupier demand
remains strong. Since 31 March 2025, LondonMetric has added £3.1 million pa
of additional rent from asset management initiatives.

 

59 rent reviews have been settled adding £2.4 million pa, at an average
uplift of 16% above previous passing rent on a five yearly equivalent basis.
This includes 17 logistics reviews settled at 22% above previous passing rent
on a five yearly basis, with open market logistics reviews settled at an
average uplift of 34%. Logistics lettings have added £0.7 million pa of rent
with regears seeing a 51% uplift against previous passing rent.

 

Financing

As part of the Urban Logistics and Highcroft acquisitions, LondonMetric has
taken on secured debt facilities of £484 million at an average drawn rate of
4.26%. Available debt facilities now total £1.0 billion, providing
significant optionality to finance future transactions and debt expiries.

 

On 4 July 2025, LondonMetric also published a £3 billion Euro medium Term
Note Programme which builds on its recent BBB+ credit rating and provides a
framework for bond issuance should market conditions allow.

 

 

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

londonmetric@fticonsulting.com (mailto:londonmetric@fticonsulting.com)
 

 

About LondonMetric Property Plc

LondonMetric is the UK's leading triple net lease REIT with a £7 billion
portfolio aligned to structurally supported sectors of logistics, convenience,
healthcare, entertainment and leisure. 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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