LondonMetric Property PLC ASSET MANAGEMENT UPDATE AT TWO DISTRIBUTION ASSETS (9095U)
April 03 2019 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 9095U
LondonMetric Property PLC
03 April 2019
3 April 2019
LONDONMETRIC AGREES 15 YEAR RE-GEAR ON 656,000 SQ FT AT
BEDFORD
AND A 55,000 SQ FT LOGISTICS EXTENSION AT SWINDON
LondonMetric Property Plc ("LondonMetric") announces that it has
exchanged contracts with Argos to extend the lease at its 656,000
sq ft distribution warehouse by a further 12 years. The new lease
runs for 15 years, without break, and generates a rent of GBP4.1
million pa subject to five yearly inflation linked uplifts.
LondonMetric has also exchanged contracts with Oak Furniture
Land to extend its 302,000 sq ft distribution warehouse in Swindon
by 55,000 sq ft. Construction is expected to commence in May 2019
at a cost of GBP4 million, delivering a marginal yield on cost of
8%.
Following removal of the break, the lease runs for a further
nine years, generating a rent of GBP1.9 million pa subject to five
yearly inflation linked uplifts.
Mark Stirling, Asset Director of LondonMetric, commented:
"We continue to work closely with our occupiers to ensure that
our real estate meets their future trading requirements and remains
fit for purpose. These transactions demonstrate the strength of
occupier contentment at our properties and their confidence in the
outlook for their businesses.
"As well as providing greater certainty of income, these deals
also give us better certainty of future income growth with all of
our mega distribution warehouses now benefiting from contractual
rental uplifts."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Mark Stirling
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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