LondonMetric Property PLC LONDONMETRIC ACQUIRES A CURRYS PCWORLD STORE (4907N)

TIDMLMP

RNS Number : 4907N

LondonMetric Property PLC

09 August 2017

9 August 2017

LONDONMETRIC PROPERTY PLC

LONDONMETRIC ACQUIRES A CURRYS PCWORLD STORE

IN SOUTH WEST LONDON FOR GBP28.3 MILLION

LondonMetric Property Plc ("LondonMetric") announces that it has acquired Burlington Retail Park in South West London for GBP28.3 million from a large UK institution.

The 51,500 sq ft unit in New Malden, South West London, is located next to the A3 and is majority is let to Dixons Carphone operating their 3 in 1 Megastore format with a 5,000 sq ft unit let to Dreams.

The investment will now generate a revised total income of GBP1.85 million pa with a WAULT of 14.4 years (9.8 years to break).

Andrew Jones, Chief Executive of LondonMetric, commented:

"This investment is in line with our strategy of acquiring logistics and convenience retail assets in the strongest locations and with high occupier contentment. It provides us with a very attractive yield on cost with the certainty of future income growth and the comfort of a high intrinsic land value.

"This is an outstanding trading location and we look forward to working with both occupiers to maximise the full potential from the property."

LondonMetric was advised by Cortex and Curzon Sowerby. The vendor was advised by Savills.

-Ends-

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann

Tel: [phone]

FTI Consulting

Dido Laurimore / Tom Gough / Richard Gotla

Tel: [phone]

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

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August 09, 2017 02:00 ET (06:00 GMT)