LondonMetric Property PLC SALE OF LAUNCESTON RETAIL PARK FOR £21.9 MILLION (1815A)
September 10 2018 - 2:00AM
UK Regulatory
TIDMLMP
RNS Number : 1815A
LondonMetric Property PLC
10 September 2018
10 September 2018
LONDONMETRIC PROPERTY PLC
LONDONMETRIC SELLS LAUNCESTON RETAIL PARK
FOR GBP21.9 MILLION
LondonMetric Property Plc ("LondonMetric") announces that it has
sold its retail park in Launceston for GBP21.9 million, reflecting
a NIY of 5.6%.
The c70,000 sq ft retail park was acquired in August 2010 for
GBP13.5 million and formed part of the original Metric portfolio.
LondonMetric has executed various asset management initiatives,
which have increased the number of units from five to nine and
attracted new retailers such as M&S Food Hall, B&M,
Iceland, Peacocks, Pets at Home and Costa. Argos is the only
original occupier from purchase. The weighted average unexpired
lease term is ten years.
The property has generated a profit on cost of 13% and an
ungeared return of 7% pa, and has been sold above March 2018 book
value to a long term investor.
Andrew Jones, Chief Executive of LondonMetric, commented:
"This disposal is in line with our strategy to reduce our
ownership of operational retail assets once business plans have
been executed. Following the sale, we will own only four retail
parks.
"Demand for physical retail assets continues to polarise and so
future investments will be targeted within the logistics and
convenience sectors where income growth prospects are
superior."
LondonMetric was advised by Harvey Spack Field and the purchaser
was advised by Savills.
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 distribution, convenience and long income property. It focuses
on strong and growing income and adding value through asset
management initiatives and short cycle developments. LondonMetric
has 13 million sq ft under management. Further information is
available at www.londonmetric.com
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END
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