LondonMetric Property PLC DISPOSAL OF TWO WAREHOUSES IN YORKSHIRE FOR £67M (8072T)
March 25 2019 - 3:01AM
UK Regulatory
TIDMLMP
RNS Number : 8072T
LondonMetric Property PLC
25 March 2019
25 March 2019
LONDONMETRIC PROPERTY PLC
disposAL of two logIsitics WAREHOUSES in yorkshire for GBP67
million
LondonMetric Property Plc ("LondonMetric") announces the
disposal of two logistics warehouses, in Sheffield and Wakefield,
for GBP67.0 million, to Exeter Property Group.
The 527,000 sq ft property in Wakefield (546,000 sq ft including
canopy), previously occupied by Poundworld, has been sold for
GBP43.5 million. The building was acquired on practical completion
in September 2016 for GBP39.4 million and has delivered an ungeared
IRR of 6% per annum. The sale is in line with book value.
The 335,000 sq ft property in Sheffield has been sold for
GBP23.5 million. The building was acquired in March 2014 for
GBP17.2 million and is let to M&S until 1 April 2019. It has
delivered an ungeared IRR of 13% per annum. LondonMetric retains
the adjoining 290,000 sq ft warehouse, also let to M&S and
which has recently been re-geared.
Andrew Jones, Chief Executive of LondonMetric, commented:
"As a REIT, we continue to be attracted to the income
compounding qualities of well let real estate and so have reacted
to an off market approach to monetise these two non-income
generating properties. The receipts will be recycled into more
urban logistics assets where valuations are better supported and
future rental growth is more certain."
ACRE Capital Real Estate LLP and Gent Visick acted for Exeter
Property Group.
-Ends-
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0)20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla
Tel: +44 (0)20 3727 1000
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 enhancing capital values.
LondonMetric has 12 million sq ft under management. Further
information is available at www.londonmetric.com
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END
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