LondonMetric Property PLC GBP13.5M ACQUISITION OF TWO LONDON URBAN WAREHOUSES (3614Z)
May 21 2021 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 3614Z
LondonMetric Property PLC
21 May 2021
21 May 2021
LONDONMETRIC PROPERTY PLC
ACQUISITION OF TWO urban warehouseS in london for GBP13.5
million
LondonMetric Property Plc ("LondonMetric" or "Company")
announces the acquisition of two vacant London warehouse assets in
Brent Cross and Streatham for a combined purchase price of GBP13.5
million.
The Company has agreed a new 20 year lease with Jacuna Kitchens
across c.75% of the combined space. Jacuna will operate c.100 dark
kitchens across both locations and LondonMetric will refurbish and
upgrade the warehouses to provide enhanced power, ventilation and
drainage to the buildings.
Letting of the remaining space is under negotiations with a new
delivery start up. Following completion of the letting and
refurbishment, LondonMetric expects to deliver a blended yield on
cost of 5.4% from the acquisitions.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We are excited by the dark kitchen sector and are pleased to be
able to work with Jacuna on acquiring these warehouses and
upgrading the facilities to their requirements. We are working with
them on the rollout of further dark kitchen facilities across
London."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's
leading listed logistics platforms alongside a diversified long
income portfolio, with 16 million sq ft under management. It owns
and manages desirable real estate that meets occupiers' demands,
delivers reliable, repetitive and growing income-led returns and
outperforms over the long term.
Further information is available at www.londonmetric.com
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END
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