LondonMetric Property PLC 500,000 SQFT OF LETTINGS TO AMAZON AND MICHELIN (2582A)
March 23 2017 - 3:00AM
UK Regulatory
TIDMLMP
RNS Number : 2582A
LondonMetric Property PLC
23 March 2017
23 March 2017
DISTRIBUTION LETTINGS TO
AMAZON AND MICHELIN ON C500,000 SQ FT
LondonMetric Property Plc ("LondonMetric") announces that it has
exchanged contracts with Michelin to build a new 137,000 sq ft
distribution centre at its site in Stoke.
Michelin has signed a new 15 year lease at a rent of GBP5.35
psf, subject to five yearly reviews, at the higher of open market
and guaranteed fixed uplifts. The anticipated yield on cost is 6.3%
and construction is expected to commence shortly, with completion
by the end of 2017.
LondonMetric will also look to build out the remaining c130,000
sq ft unit upon completion of the new Michelin accommodation.
At Omega South, Warrington, all conditions relating to the new
letting of 357,000 sq ft to Amazon have been satisfied and they
have taken occupation. Amazon signed a new 15 year lease with rent
reviews linked to CPI.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We welcome Amazon and Michelin as key occupiers and look
forward to working with them in the future.
"Omega South has been a highly successful development, completed
within eight months of construction commencing and let within five
weeks of completion. As we move onto our next development at Stoke
we will look to leverage our occupier relationships to progress a
full build out of the development."
LondonMetric was advised by DTRE and JLL at Omega South and by
CBRE and Avison Young at Stoke.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Tom Gough / Richard Gotla
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT (ticker: LMP) that 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 with a total of 12 million sq ft under
management, the majority of which is in distribution. It employs an
occupier-led approach with a focus on strong and growing income,
asset management initiatives and short cycle development.
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
The company news service from the London Stock Exchange
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