SALE OF TESCO LOGISTICS WAREHOUSE FOR £24.4M

RNS Number : 0336X

LondonMetric Property PLC

21 November 2017

 

21 November 2017

LONDONMETRIC PROPERTY PLC

disposAL of a tesco regional LOGISTICs

warehouse for £24.4 million

LondonMetric Property Plc ("LondonMetric") announces the disposal of a Tesco's logistics warehouse in Bolton for £24.4 million, reflecting a NIY of 5.35%.

The 274,000 sq ft regional warehouse was acquired as part of the £117 million Cabot logistics portfolio in August 2017 off a blended NIY of 6.1%.

The unit is let to Tesco for a further four years at a rental of £1.395 million pa, off £5.27 psf.

LondonMetric continues to retain the remaining 13 logistics assets from the Cabot portfolio of which 11 are urban logistics.

Andrew Jones, Chief Executive of LondonMetric, commented:

"Consumer shopping patterns in food retailing continue to evolve quickly and so in response to strengthening investor appetite for logistics assets over the last few months, we have decided to monetise this asset.

"In line with our strategy, we will recycle the proceeds into our growing urban logistics portfolio and our development pipeline which offer more attractive yields and greater certainty of growth."

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For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann

Tel: [phone]

FTI Consulting

Dido Laurimore / Tom Gough / Richard Gotla

Tel: [phone]

About LondonMetric Property Plc

LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises in distribution, convenience and  long income property. It focuses on strong and growing income and adding value through asset management initiatives and short cycle developments. LondonMetric has 13 million sq ft under management. Further information is available at www.londonmetric.com

 

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