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Londonmetric Acquires Property Portfolio Worth GBP 73m
Monday 29 June 2020

UK-based real estate investment trust LondonMetric Property Plc (LSE: LMP) has acquired a portfolio of five food stores in a GBP 62m (USD 76m) sale and leaseback to Waitrose, the company said.

LondonMetric has also purchased a 32,000 SF urban logistics unit on a two-acre site for GBP 10.9m (USD 13.4m) let to Ocado. The property is let for a further 8 years and passing rent is 20-25% below market rent with an open market review in 2023 expected to capture significant rental reversion.

Together, LondonMetric paid a total consideration of 72.9m (USD 89.3m) for the two acquisitions. Together, these assets generate a total rent of GBP 3.34m pa (USD 4.39m), reflecting a blended net initial yield of 4.3% and a reversionary yield of 5.0%.

LondonMetric was advised by Bruce Gillingham Pollard on the sale and lease back portfolio and by Stonehill Partners on Walthamstow.

LondonMetric Property Plc is a FTSE 250 REIT that owns a UK-listed logistics platform alongside a diversified long income portfolio.
Date Published: 29/06/2020