LondonMetric Property PLC DISPOSAL OF TWO RETAIL PARKS FOR £55 MILLION (4492L)
October 03 2016 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 4492L
LondonMetric Property PLC
03 October 2016
3 October 2016
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS TWO RETAIL PARKS FOR GBP55 MILLION
LondonMetric Property Plc ("LondonMetric") announces that it has
sold Pierpoint Retail Park in Kings Lynn for GBP24.0 million and
Damolly Retail Park in Newry, Northern Ireland, for GBP30.7
million.
At Kings Lynn, the Tritax Property Income Fund ("Tritax") has
purchased the 74,000 sq. ft. retail park reflecting a NIY of 5.77%;
which is in line with the March 2016 valuation. The property was
purchased in 2011 for GBP15.1 million and has undergone complete
refurbishment with six new lettings to Next, B&M, DFS, Tapi,
Poundland and Greggs. Since purchase, the rental income has
increased by 47% and the WAULT has risen from 4.3 years to 13.3
years.
At Newry, Northern Ireland a local investor has purchased the
165,000 sq. ft. Damolly Retail Park reflecting a NIY of 7.4%; which
is 3% below March 2016 book value. LondonMetric purchased the
retail park in 2010 and has undertaken numerous asset management
initiatives with new lettings to Lidl, Pets at Home, Home Bargains
and Costa. The WAULT to first break is now 7.6 years.
LondonMetric was advised by CBRE on Newry. Wilkinson Williams
advised Tritax on Kings Lynn.
Andrew Jones, Chief Executive of LondonMetric, commented:
"These sales represent the opportunity to monetise two of our
larger retail park investments following an intense period of asset
management activity.
"The investments have delivered positive returns over their
period of ownership but it is now opportune to reinvest the monies
into investment and development opportunities within our favoured
logistics sectors where rental growth prospects look more
attractive."
-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 12 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
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