LONDONMETRIC LETTINGS UPDATE

RNS Number : 6021N

LondonMetric Property PLC

24 January 2023

 

24 January 2023

LONDONMETRIC PROPERTY PLC

occupational demand continues to outstrip supply

 delIvering strong rental growth

LondonMetric Property Plc ("LondonMetric") announces that it has undertaken 62 occupier initiatives since 30 September 2022, adding £2.4 million of annualised rent and comprising:

· Lettings and lease regears on 24 assets, signed with a WAULT of 10 years and adding £1.9 million p.a. of rent; and

· Rent reviews on 38 assets adding £0.5 million p.a. of rent.

Rent reviews and regears delivered an average uplift of 21% against previous passing on a five yearly equivalent basis, with average uplifts of 33% on logistics.

Recent key occupier initiatives include:

·   Regear at a 290,000 sq ft regional logistics warehouse in Sheffield, where the WAULT was extended to ten years and the rent increased by £0.8 million, a 50% uplift;

·   Regear and open market review at a 90,000 sq ft urban logistics unit in Coventry, where the WAULT increased to ten years and the rent increased by £0.2 million, a 39% uplift;

· Open market review at a 47,000 sq ft trade unit in Exeter, adding £0.1 million, a 36% uplift;

·     Regear at a 46,000 sq ft urban logistics warehouse in Crawley, where the WAULT was extended to five years and the rent increased by £0.2 million, a 35% uplift;

· Regear at a 40,000 sq ft retail store in Evesham, where the WAULT doubled to 16 years; and

·   Letting of a vacant 26,000 sq ft urban logistics warehouse in Crawley with a ten year term, adding £0.3 million of rent, a 19% uplift against the previous passing rent.

Andrew Jones, Chief Executive of LondonMetric, commented:

"We continue to see strong occupational activity across our portfolio from a very wide range of industries. This is allowing us to capture significant rental increases as well as negotiate longer lease lengths on shorter dated income.  Over the next 6 to 12 months we expect to settle a high number of rent reviews and we are well on track to capturing the £8 million of logistics rental reversion that we identified at the time of our last results."

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: [phone]

FTI Consulting

Dido Laurimore / Richard Gotla / Andrew Davis

Tel: [phone]

[e-mail]  

About LondonMetric Property Plc

LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a grocery-led 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

 

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