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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Londonmetric Property Plc | LSE:LMP | London | Ordinary Share | GB00B4WFW713 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 204.00 | 204.00 | 204.40 | 204.60 | 199.20 | 199.20 | 400,440 | 12:02:03 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 146.7M | -506.3M | -0.4648 | -4.37 | 2.21B |
TIDMLMP
RNS Number : 9192K
LondonMetric Property PLC
13 July 2017
13 July 2017
LONDONMETRIC PROPERTY PLC
LONDONMETRIC BUYS TWO M&S RETAIL ASSETS FOR GBP25 MILLION
LondonMetric Property Plc ("LondonMetric") announces that it has acquired two M&S stores in Newport, Isle of Wight and Kendal, Lancashire for GBP24.6 million, reflecting a NIY of 5.45%.
The two edge of town centre properties are let to Marks & Spencer at a total rent of GBP1.4 million pa, subject to annual rental uplifts of 2%. The existing lease runs for a further ten years.
The acquisitions will complement LondonMetric's existing convenience portfolio which now includes eight M&S stores and four Aldi stores, is valued at GBP85 million and has a WAULT of over 13 years.
Andrew Jones, Chief Executive of LondonMetric, commented:
"Consumer shopping patterns continue to evolve and we remain convinced that logistics and convenience retail are on-going beneficiaries of these changes as retailers look to invest further in their click and collect distribution infrastructure.
"We have very good relationships with M&S and this is a rare opportunity to acquire two strongly performing stores."
LondonMetric was advised by Fawcett Mead and CBRE. Savills and HP4 advised the vendor.
-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 / Richard Gotla
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT (ticker: LMP) that specialises in retailer-led distribution, convenience and out of town retail with a focus on strong and growing income and adding value through asset management initiatives and short cycle developments. LondonMetric has 12 million sq ft under management and a high proportion of its assets are in retailer-led distribution. 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
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(END) Dow Jones Newswires
July 13, 2017 02:00 ET (06:00 GMT)
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