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Share Price:
Up 215.20p
Change Today:
2.40p
Market Cap:
1,954.91m
Sector:
Real Estate Investment Trusts

LondonMetric sells six distribution warehouses for 57.3m

By Josh White

Date: Friday 11 Sep 2020

LONDON (ShareCast) - (Sharecast News) - LondonMetric Property announced the disposal of a portfolio of six distribution warehouses for 57.3m to Canmoor and Canadian institutional investor AIMCo on Friday, reflecting a blended net initial yield of 5.3%.
The FTSE 250 company said the disposal would crystallise a profit on cost of 8.8m, and an ungeared internal rate of return of 11% per annum.

Completion of the sale would be delayed until 25 March 2021, allowing LondonMetric to receive around 1.5m in additional rent.

Total receipts upon completion would be 3.8% above the March 2020 book value.

LondonMetric said the portfolio had been acquired over a number of years, including last year's acquisition of A&J Mucklow, and was located in Worcester, Leamington Spa, Royston, Castle Donnington, Milton Keynes and Huyton.

Most of the buildings were constructed in the 1990s, with the portfolio enjoying a weighted average unexpired lease term to break of 7.5 years.

The properties were let to retailer Hamleys, CEVA, ITAB, Transmec and Groupo Antolin, an automotive supplier to JLR.

"The attractive demand: supply dynamics in distribution and the increasing weakness in legacy sectors is attracting substantial capital into the logistics sector from both new and existing investors," said chief executive officer Andrew Jones.

"Whilst we seek to avoid unnecessary asset turnover, we will always take advantage of strong approaches for our assets.

"These proceeds will be reinvested into other quality opportunities in the strongest geographies where rental growth over the long term will be superior."

At 0808 BST, shares in LondonMetric Property were up 0.89% at 230.24p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

LMP Market Data

Currency UK Pounds
Price 215.20p
Change Today 2.40p
52 Week High 242.80p
52 Week Low 137.00p
Volume 596,310
Shares Issued 908.42m
Market Cap 1,954.91m

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What The Brokers Say

Strong Buy 2
Buy 0
Neutral 5
Sell 0
Strong Sell 0
Total 7
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LMP Dividends

  Latest Previous
  1st Interim 4th Interim
Ex-Div 27-Aug-20 18-Jun-20
Paid 07-Oct-20 22-Jul-20
Amount 2.10p 2.30p

Trades for 30-Oct-2020

Time Volume / Share Price
15:48 425 @ 215.20p
15:48 675 @ 215.20p
15:47 745 @ 215.00p
15:46 171 @ 214.80p
15:46 962 @ 214.80p

LMP Key Personnel

Finance Director Martin McGann
CEO Andrew Jones