LondonMetric Property PLC LondonMetric Sells Two Retail Assets for £32m (5966C)
19 Octobre 2015 - 8:00AM
UK Regulatory
TIDMLMP
RNS Number : 5966C
LondonMetric Property PLC
19 October 2015
19 October 2015
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS A FURTHER TWO RETAIL ASSETS
FOR GBP32 MILLION
LondonMetric Property Plc ("LondonMetric") announces that it has
sold the DFS property in Enfield for GBP24.5 million (LondonMetric
share GBP7.5 million) on behalf of its DFS joint venture ("Joint
Venture").
The unit is let at a rent of GBP1.7 million pa and the sale to a
large UK institution reflects a NIY of 6.6%. The Joint Venture
acquired the 32,000 sq ft property in March 2014 as part of a
portfolio of 27 DFS stores from the administrators to Delphi
Properties Limited, off an overall NIY of 9.3%. The sale
crystallises a profit on cost of 19% and a geared IRR of 30%.
Separately, LondonMetric announces that it has also sold its
Watling Retail Park in Cannock for GBP7.5 million to a UK
institution reflecting a NIY of 6.15%. The 25,000 sq ft retail park
was developed by LondonMetric in November 2012 off a yield on cost
of 8.6%. It is fully let to DFS, Carpetright and Porcelanosa with a
remaining WAULT to break of 13.3 years. The disposal crystallises a
profit on cost of 32% and a geared IRR of 31%.
LondonMetric advised the Joint Venture on Enfield and Strutt
& Parker advised LondonMetric on Cannock.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We view the retail property sector opportunistically and will
recycle assets which have delivered on their business plans. Both
of these assets have generated very strong returns for us and we
will continue to capitalise on the high demand from institutions
for strong, well-let real estate."
-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 / Clare Glynn
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric (ticker: LMP) 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. It
employs an occupier-led approach to property with a focus on strong
income, asset management initiatives and short cycle development.
Its portfolio is broadly split between distribution and retail with
a total of 11 million sq ft under management. 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
END
DISZMMMGVVMGKZM
(END) Dow Jones Newswires
October 19, 2015 02:00 ET (06:00 GMT)
London & Stam. (LSE:LSP)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
London & Stam. (LSE:LSP)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024