LondonMetric Property PLC AQUISITION OF TWO M&S RETAIL ASSETS FOR £25 M (9192K)
July 13 2017 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 9192K
LondonMetric Property PLC
13 July 2017
13 July 2017
LONDONMETRIC PROPERTY PLC
LONDONMETRIC BUYS TWO M&S RETAIL ASSETS FOR GBP25
MILLION
LondonMetric Property Plc ("LondonMetric") announces that it has
acquired two M&S stores in Newport, Isle of Wight and Kendal,
Lancashire for GBP24.6 million, reflecting a NIY of 5.45%.
The two edge of town centre properties are let to Marks &
Spencer at a total rent of GBP1.4 million pa, subject to annual
rental uplifts of 2%. The existing lease runs for a further ten
years.
The acquisitions will complement LondonMetric's existing
convenience portfolio which now includes eight M&S stores and
four Aldi stores, is valued at GBP85 million and has a WAULT of
over 13 years.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Consumer shopping patterns continue to evolve and we remain
convinced that logistics and convenience retail are on-going
beneficiaries of these changes as retailers look to invest further
in their click and collect distribution infrastructure.
"We have very good relationships with M&S and this is a rare
opportunity to acquire two strongly performing stores."
LondonMetric was advised by Fawcett Mead and CBRE. Savills and
HP4 advised the vendor.
-Ends-
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 specialises
in retailer-led distribution, convenience and out of town retail
with a focus on strong and growing income and adding value through
asset management initiatives and short cycle developments.
LondonMetric has 12 million sq ft under management and a high
proportion of its assets are in retailer-led distribution. 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
END
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