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Prices & Quotes - UK Markets - LondonMetric Property (LMP)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 226.00p
Change Today:
3.00p
Market Cap:
2,056.06m
Sector:
Real Estate Investment Trusts

LondonMetric prices 380m placement to replace existing debt

By Josh White

Date: Thursday 25 Mar 2021

LONDON (ShareCast) - (Sharecast News) - LondonMetric Property has priced a 380m private debt placement with a number of institutional investors in North America and the UK, it announced on Thursday, to replace existing debt facilities.
The FTSE 250 real estate investment trust said the placement, which was upsized from an initial 150m due to demand, was across a range of maturities, with 135m on a seven-year term at a coupon of 2.06%, and 135m on a 12-year term at a coupon of 2.34%.

Of the remainder, 60m was on a 15-year term at a coupon of 2.45%, and the final 50m was also on a 15-year term, at a coupon of 2.43%.

The blended maturity was for 11.1 years, and the blended coupon was 2.27%.

LondonMetric said the 50m tranche at 2.43% was subject to a 'green framework', under which spend would be allocated to buildings which had high sustainability standards.

The green notes were priced two basis points inside the equivalent non-green 15-year tranche, and represented the first tranche of its kind announced by a UK real estate investment trust.

It said the receipts would be used in due course to replace other existing debt facilities as they approached maturity.

"The private placement market has given us access to attractively priced, longer term debt from an increasingly diversified lender base since our inaugural issue in 2016," said finance director Martin McGann.

"We are delighted that investors have shown their continued support for our logistics and long income strategy, as they have priced our third private placement at a very attractive margin and significantly helped to increase the average maturity of our debt."

At 0818 GMT, shares in LondonMetric Property were down 0.28% at 210.2p.

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 226.00p
Change Today 3.00p
52 Week High 242.80p
52 Week Low 185.80p
Volume 1,469,942
Shares Issued 909.76m
Market Cap 2,056.06m
Beta 0.01

Performance Indicators

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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

LMP Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 11-Mar-21 26-Nov-20
Paid 15-Apr-21 08-Jan-21
Amount 2.10p 2.10p

Trades for 14-May-2021

Time Volume / Share Price
16:35 306,440 @ 226.00p
16:29 120 @ 226.00p
16:29 10 @ 226.20p
16:29 7 @ 226.20p
16:28 1,000 @ 226.20p

LMP Key Personnel

Finance Director Martin McGann
CEO Andrew Jones