Overview
LondonMetric Property is a UK REIT, formed as a result of the merger between London & Stamford Property plc and Metric Property Investments plc.
LondonMetric Property aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in Retail and Distribution properties as well as Greater London real estate opportunities. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties with enduring occupier appeal providing opportunities to improve both rental values and the security and longevity of income; and limited risk redevelopments with the aim of enhancing shareholder returns.
Fundamentals
Price
Research History
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11 Feb 2021 9 min read
QuotedData’s Real Estate Roundup – February 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data January’s biggest movers in price terms are shown in the chart below. The UK’s vaccination programme has lifted optimism for a speedier opening of the economy than first feared at the start of the year. Property companies that reported positive valuation figures for the […]
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22 Jan 2021 16 min read
QuotedData’s Real Estate Annual Review – 2020
Real Estate Annual Review Kindly sponsored by Aberdeen Standard Investments Riding out the COVID rollercoaster The 2020 rollercoaster saw more downs than ups and at times felt like a pandemic induced freefall. Lockdowns, tiers and plenty of U-turns meant investing in property was not for the faint hearted. Positivity returned at the end of the […]
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17 Dec 2020 16 min read
QuotedData’s Real Estate Roundup – December 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data November’s biggest movers in price terms are shown in the chart below. The eagerly awaited news of a successful vaccine candidate came at the start of November, boosting the stock market. Property companies that had seen their share price battered over the past eight […]
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16 Oct 2020 11 min read
QuotedData’s Real Estate Quarterly Review – Q3 2020
Real Estate Quarterly Roundup Kindly sponsored by Aberdeen Standard Investments Toughing it out It has been another challenging quarter for the real estate sector as the COVID-19 pandemic continues to take its toll. The economy bounced back in the early part of the quarter after the national lockdown was lifted, while government schemes such as […]
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09 Oct 2020 14 min read
QuotedData’s Real Estate Roundup – October 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data September’s biggest movers in price terms are shown in the chart below. There was an eclectic mix of property companies to feature in the top price movers for September. Top of the tree was private rented sector and residential development specialist Sigma Capital Group, […]
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10 Sep 2020 12 min read
QuotedData’s Real Estate Roundup – September 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data August’s biggest movers in price terms are shown in the chart below. There were some interesting price rises during the month of August as investors’ search for returns took them to property companies that have seen their share prices severely depressed during the Covid-19 […]
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13 Aug 2020 12 min read
QuotedData’s Real Estate Monthly Roundup – August 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data July’s biggest movers in price terms are shown in the chart below. A number of REITs and property companies saw big share price gains over the month of July as covid-19 restrictions started to ease across the UK and greater economic stimulus was revealed. […]
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16 Jul 2020 10 min read
QuotedData’s Real Estate Quarterly Review – Q2 2020
Real Estate Quarterly Roundup Kindly sponsored by Aberdeen Standard Investments A polarised lens The covid-19 pandemic continued to wreak havoc in the real estate in the second quarter, but a polarisation of sectors and funds has started to become apparent. Companies focused on the retail, leisure and hospitality property sectors had already seen huge negative […]
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08 Jul 2020 2 min read
QuotedData’s Property Summer Conference – week 1
COVID-19 is creating havoc in some parts of the property sector but others are thriving. On Wednesday 8th July we held the first of our summer property webinars where the managers of Aberdeen Standard European Logistics Income, TR Property Investment Trust, Schroder Real Estate Investment Trust, LondonMetric Property and Tritax Big Box REIT gave presentations on their fund, the property sector […]
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07 Jul 2020 16 min read
QuotedData’s Real Estate Roundup – July 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data June’s biggest movers in price terms are shown in the chart below. Uncertainty caused by the covid-19 pandemic continued to weigh on property stocks in June and we had the first real casualty in Intu Properties, which collapsed into administration. A number of companies […]
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30 Jan 2020 16 min read
QuotedData’s Real Estate Annual Review – 2019
Property’s alternative theory The year was dominated by political and economic uncertainty, with Brexit negotiations casting a shadow over the market and the general election adding a further layer of doubt for much of the year. For a market that is staunchly aligned with political and economic sentiment, listed property companies and REITs performed well, […]
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20 Dec 2019 20 min read
Industrial property market – The gift that keeps on giving
Industrial property market – the gift that keeps on giving The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many […]
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20 min read
Industrial property market – The gift that keeps on giving
Industrial property market – the gift that keeps on giving The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many […]
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10 Dec 2019 21 min read
QuotedData’s Real Estate Roundup – December 2019
Real Estate Roundup Performance data November’s biggest movers in price terms are shown in the chart below. November saw a host of companies report interim and full year results with varying outcomes. CLS Holdings, which owns a diverse portfolio split between the UK, Germany and France, gave a positive trading update that outlined its capital […]
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13 Nov 2019 11 min read
QuotedData’s Real Estate Roundup – November 2019
Real Estate Roundup Performance data October’s biggest movers in price terms are shown in the chart below. For the second month running, Capital & Regional topped the list for share price growth: up 30.5% in the month – admittedly off a low base. The shopping centre landlord’s shares continued to rise after it agreed a […]
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12 Oct 2018 1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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11 Jun 2018 2 min read
QuotedData’s Economic round up – June 2018
QuotedData’s Economic round up – June 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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2 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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10 Nov 2017 2 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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14 Sep 2017 2 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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14 Jun 2017 2 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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2 min read
QuotedData’s economic round up – June 2017
QuotedData’s economic round up – June 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
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1 min read
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
News
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05 Feb 2021 3 min read
QD view – Property tinkermen worth their weight in gold
There can be no doubt that the COVID-19 pandemic has changed the landscape in the property sector forever. So, it has been interesting to observe how different property companies have responded with the composition of their portfolios. Any manager worth their salt would have been exiting high street retail a long time ago. But it […]
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02 Feb 2021 1 min read
LondonMetric acquires service station portfolio for £22m
LondonMetric Property has acquired £21.9m of convenience service stations across three separate transactions reflecting a blended net initial yield of 5.1%. The seven assets have a weight average unexpired lease term (WAULT) of 18 years and all benefit from contractual rental uplifts. The transactions comprise four Co-op convenience service stations in Basingstoke, Dagenham and South […]
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15 Jan 2021 2 min read
QD view – Don’t discount the property generalists
A host of rent collection figures for the first quarter of 2021 have been announced by property companies and, once again, it is the logistics-focused companies leading the way. It is not that surprising given the well-documented rise in online retailing and the positive impact on demand for logistics space, but it does underline the strength of […]
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14 Jan 2021 1 min read
LondonMetric collects 98% of rent
LondonMetric Property has collected 98% of rent for the first quarter of 2021. The group, which has a large logistics portfolio as well as a long-income portfolio, said that of the £22.8m billed for the quarter and monthly for January, 98% has been received with a further 1% expected imminently. A sectoral split shows rent collection […]
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12 Jan 2021 2 min read
LondonMetric Property buys two urban logistics warehouses
LondonMetric Property buys two urban logistics warehouses – LondonMetric Property has bought two urban logistics warehouses in Manchester and Birmingham for £39m, reflecting a blended yield on cost of 4.25%. The newly built warehouses are let for 15 years at an average rent of £6.60 psf and benefit from RPI linked rent reviews. In Manchester, […]
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08 Dec 2020 1 min read
LondonMetric lets Birmingham logistics warehouse
LondonMetric lets Birmingham logistics warehouse – LondonMetric Property has exchanged contracts with a global retail company on a new 15 year lease at an annual rent of £1.6 million, subject to upward only inflation linked rent reviews, at its Tyseley development near Birmingham. The 120,000 sq ft last mile logistics warehouse will mark the completion of […]
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27 Nov 2020 3 min read
QD view – Black Friday boon for logistics
It is that time of year again – Black Friday. The US export has quickly become one of the biggest shopping days in the UK. But with shops closed due to lockdown, it will almost entirely take place online this year. It is estimated that £6bn will be spent on Black Friday this year versus […]
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19 Nov 2020 2 min read
LondonMetric delivers strong half-year results
LondonMetric Property has delivered strong half-year results in which net tangible assets (NTA) jumped 3%. The company saw the value of its portfolio, which comprises industrial and logistics and long-income assets, increased by 2.3% to £2.4bn. As a result, EPRA NTA for 30 September 2020 was 175.5p, compared to 170.3p in March 2020. Net rental income […]
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16 Oct 2020 3 min read
QD view – Rent collection nuggets
Fourth quarter rent collection figures have been coming in thick and fast over the past week or so and overall they show a general improvement on collection rates during the COVID-19 pandemic. There are a few nuggets to come from the announcements so far. The first thing to say is that collection rates have improved […]
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15 Oct 2020 1 min read
LondonMetric makes £22.2m of sales and acquires three-strong portfolio for £10.8m
LondonMetric Property has sold four retail properties from its long income portfolio for £22.2m and bought three convenience service stations for £10.8m. The sales reflect a blended net initial yield of 4.6% and comprise two M&S food stores in Haslemere and Ferndown, a Matalan unit in Leicester and a Boots and Spar let property on the Isle of […]
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12 Oct 2020 1 min read
Logistics heavyweights post positive rent collection figures
Logistics focused property companies Tritax Big Box REIT and LondonMetric Property both announced positive rent collection figures today. Tritax Big Box REIT said it had received 89% of rent for the fourth quarter, with a further 10% expected by the end of November (through upfront monthly payments). The remaining 1% of rent is on payment […]
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11 Sep 2020 2 min read
LondonMetric Property sells six distribution warehouses for £57.3m
LondonMetric Property (LMP) has announced that it has sold a portfolio of six distribution warehouses for £57.3m to Canmoor and AIMCo (a Canadian institutional investor) reflecting a blended net initial yield of 5.3%. LMP has built the portfolio over a number of years, which includes last year’s acquisition of A&J Mucklow. LMP says that the disposal will crystallise an £8.8m profit on cost and […]
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3 min read
QuotedData’s morning briefing 11 September 2020
In QuotedData’s morning briefing 11 September 2020: Schroder Asian Total Return has published its interim results for the half year ended 30 June 2020. The chairman, Sarah MacAulay, says that, the trust provided a NAV total return of 6.1% in the period, outperforming both the return of the reference Index of 0.7% and of the peer group […]
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04 Sep 2020 2 min read
Shed heaven
Urban Logistics REIT (SHED) this week has announced another potential equity raise, having already invested all the proceeds of its £136m placing from March 2020. The news underlines the polarisation we are seeing in the property market, with other sectors such as retail and offices struggling in the face of uncertain futures. As many of […]
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20 Aug 2020 2 min read
QuotedData’s morning briefing 20 August 2020
In QuotedData’s morning briefing 20 August 2020: Great Portland Estates is issuing £150m of new unsecured US private placement notes. The Sterling denominated notes cover 12 year and 15 year maturities (weighted average of 14.5 years) and have a weighted average fixed rate coupon of 2.77%. The new issue priced on 5 August and, subject to […]
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02 Jul 2020 2 min read
QuotedData’s morning briefing 2 July 2020
In QuotedData’s morning briefing 2 July 2020: Schroder Oriental Income Fund says that shareholders overwhelmingly approved a resolution to shift the fund’s tax domicile from Guernsey to the UK. 99.78% of those voting approved the measure. The company should soon become a UK investment trust. Under fire Gabelli Value Plus+ reported a 25% fall in NAV […]
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25 Jun 2020 1 min read
LondonMetric splashes £73m with Waitrose store buy
LondonMetric Property has acquired five Waitrose supermarkets and an urban logistics facility let to Ocado for a total of £72.9m. It has purchased the supermarkets from Waitrose in a sale-and-leaseback deal for £62m. Waitrose has signed new 20-year leases linked to CPIH. They are located in Keynsham, Malmesbury, Paddock Wood, Towcester and Yateley and range in […]
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12 Jun 2020 2 min read
Varying fortunes of property sectors presents covid opportunities
There is no doubt that the biggest news story in the property sector this week was SEGRO’s whopping £680m equity raise. The over-subscribed placing, that will be used to fund development opportunities in the booming logistics sector, put an exclamation mark on the severe disconnection that is in play between the different property sectors. If […]
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10 Jun 2020 1 min read
LondonMetric completes host of lettings
LondonMetric has made a host of lettings totalling 213,000 sq ft across its portfolio. The company has let a 141,000 sq ft distribution unit at its Stoke development to Pets At Home, at a rent of £6 per sq ft or £0.8m per annum. At Birmingham, the company has let a 38,000 sq ft unit […]
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2 min read
LondonMetric reports dip in NAV
LondonMetric has reported a dip in net asset value (NAV) following the £455m acquisition of A&J Mucklow last year. The group, which owns a portfolio of logistics assets, said EPRA NAV at 31 March 2020 was 171.7p per share (March 2019: 174.9p). The fall was mainly due to the Mucklow acquisition, which accounted for 2.5p. […]
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03 Jun 2020 1 min read
LondonMetric acquires £11.6m of assets
LondonMetric Property has made two acquisitions totalling £11.6m following its £120m equity raise last month. The company has bought five roadside service centres in a sale-and-leaseback deal with Kwik Fit. The assets were bought for £9.6m and are located in Barnet, Whetstone, Hounslow, Hammersmith and Slough. LondonMetric said each had a strong underlying residual value supported by […]
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07 May 2020 3 min read
Investors flock to covid-resilient property companies
In the past couple of weeks we have seen two big over-subscribed capital raises by property companies that have caught many by surprise. First Supermarket Income REIT almost doubled its £75m target, raising £139.8m. And this week LondonMetric, the logistics focused company, exceeded its £100m target, raising £120m. It has caught many by surprise because […]
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06 May 2020 1 min read
QuotedData’s morning briefing 6 May 2020
Fidelity European Values (FEV) has delayed changing its name to Fidelity European Trust, which was expected to be completed in time to be effective from 12 May. FEV noted: “The impact of covid-19, and the resultant Government’s stay at home measures, have caused substantial and significant delays as well as disruption to the usual statutory […]
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05 May 2020 3 min read
LondonMetric plans £100m equity raise
LondonMetric has announced plans to raise £100m through a placing to take advantage of investment opportunities during the covid-19 pandemic. The company, which owns a portfolio of logistics assets in the UK, said it would use the proceeds to buy an identified pipeline of long income, urban logistics properties. The acquisitions it has lined up […]
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02 Apr 2020 2 min read
LondonMetric collects majority of rent and confirms quarterly dividend
LondonMetric Property has provided a covid-19 update in which it has confirmed it will pay its third quarter dividend. The group, which owns a portfolio of mainly logistics assets, said it had collected 85% of its rent for the quarter as at 1 April 2020. It added that 7% is expected to be received shortly and […]
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20 Dec 2019 2 min read
LondonMetric sells £145.3m of big box warehouses
LondonMetric Property has sold four distribution warehouse assets for a combined £145.3m. Across three deals, the company has disposed two mega box warehouses and two regional distribution warehouses as it continues to reduce it ‘big box’ exposure. In Newark, it has sold a 726,000 sq ft warehouse to an international investor for £80.8m, reflecting a net […]
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27 Nov 2019 2 min read
LondonMetric post 16.6% uplift in net rental income
LondonMetric has reported a 16.6% uplift in net rental income to £54.9m in half year results following the acquisition of A&J Mucklow in the period. The company, which saw net asset value (NAV) remain flat at 174.9p per share, said the acquisition has significantly increased its portfolio weighting to the urban logistics sub-sector that has […]
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14 Oct 2019 1 min read
LondonMetric makes first sale from Mucklow portfolio acquisition
Industrial and logistics investor LondonMetric Property has made the first disposal from the Mucklow portfolio it acquired earlier this year for £415m. It has sold an office in Leicester for £5.9m, reflecting a net initial yield of 6%. The 21,000 sq ft office is let for a further nine years to My Home Move. The sale […]
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23 May 2019 2 min read
LondonMetric bids for A&J Mucklow
LondonMetric bids for A&J Mucklow – The boards of directors of LondonMetric and Mucklow have reached agreement on the terms of a recommended offer. LondonMetric will acquire the entire issued and to be issued ordinary share capital of Mucklow by means of a scheme of arrangement under Part 26 of the Companies Act. For each Mucklow […]
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07 Jan 2019 1 min read
LondonMetric Property sells three warehouses
LondonMetric Property sells three warehouses – LondonMetric Property has announced the disposal of three distribution warehouses for £24.3m (sold to a range of buyers), reflecting a blended net initial yield of 5.4%. The sale price achieved was 4% above book value. Two of the properties are located in Wakefield and the third is a regional distribution […]
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11 Jul 2018 2 min read
LondonMetric Property swaps Odeon for shed
LondonMetric Property swaps Odeon for shed – LondonMetric Property has exchanged on the sale of an Odeon Cinema in Warrington for GBP13.7 million, reflecting a NIY of 4.8%, and acquired an urban logistics asset in Milton Keynes for GBP12.0 million, reflecting a deemed NIY of over 5.0%. At Warrington, the 10 screen, 36,000 sq ft cinema formed part of […]
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02 Jul 2018 1 min read
LondonMetric Property swaps M&S for Lidl
LondonMetric Property swaps M&S for Lidl – LondonMetric Property has sold two M&S convenience stores for GBP10.7 million, reflecting a NIY of 4.5%, and purchased a convenience development in Durham pre-let to Lidl for GBP13.3 million, reflecting a yield on cost of 5.4%. The two M&S stores that have been sold were purchased by LondonMetric […]
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20 Jun 2018 1 min read
LondonMetric Property buys urban logistics portfolio
LondonMetric Property buys urban logistics portfolio – LondonMetric Property has announced the acquisition of ten single let, mainly urban logistics properties for GBP55.0 million from the ACT Foundation. The purchase price reflects a blended net initial yield of 4.4% and a reversionary yield of 5.3%. The portfolio consists of nine urban logistics assets totalling 340,000 sq ft […]
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30 May 2018 2 min read
LondonMetric announces its annual results
LondonMetric announces its annual results – LondonMetric (LMP) is a Real Estate Investment Trust (REIT) that specialises in distribution, convenience and long income property. LMP is a constituent of the FTSE 250. It focuses on strong and growing income and adding value through asset management initiatives and short cycle developments. LondonMetric has 14 million sq ft under management. […]
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29 Nov 2017 2 min read
LondonMetric spends £48m on two logistics warehouses
LondonMetric spends £48m on two logistics warehouses – LondonMetric Property Plc has announced the acquisition of two logistics warehouses for GBP47.6 million, reflecting a blended net initial yield of 5.0% rising to a minimum of 5.6% after five years. The average lease length is over 18 years. At Ollerton in Nottinghamshire, LondonMetric has agreed to acquire a […]
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27 Nov 2017 1 min read
LondonMetric Property sells two leisure assets
LondonMetric Property sells two leisure assets – LondonMetric Property has exchanged on the sale of an Odeon Cinema in Derby and a retail asset in Guisborough for GBP18.6 million reflecting a blended net initial yield of 4.8%. At Derby, the 10 screen, 37,000 sq ft cinema formed part of a portfolio of ten Odeon Cinemas […]
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21 Nov 2017 1 min read
LondonMetric sells Tesco warehouse
LondonMetric sells Tesco warehouse – LondonMetric Property has announced the disposal of a Tesco’s logistics warehouse in Bolton for GBP24.4 million, reflecting a net initial yield of 5.35%. The 274,000 sq ft regional warehouse was acquired as part of the GBP117 million Cabot logistics portfolio in August 2017 off a blended NIY of 6.1%. The […]
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10 Oct 2017 1 min read
Investment trust insider on industrial property prices
James Carthew: has Tritax paid too much as Hansteen hands back cash? In the past week we have seen a very large tender offer from Hansteen Holdings (HSTN), a real estate investment trust specialising in industrial property, and a deal where Tritax Big Box (BBOX) bought a large logistics facility from LondonMetric Property (LMP). Hansteen […]
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04 Oct 2017 1 min read
LondonMetric buys logistics site in Bedford
LondonMetric buys logistics site in Bedford – LondonMetric Property Plc has unconditionally acquired the 40 acre Bedford Link site from the local authority. The site has planning consent for up to 670,000 sq. ft. of logistics space and all other conditions relating to the purchase have now been satisfied. Bedford Link is situated on the A421, […]
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12 Aug 2017 2 min read
LondonMetric buys logistics portfolio from Cabot
LondonMetric buys logistics portfolio from Cabot – LondonMetric Property Plc has announced the acquisition of 14 urban and regional logistic warehouses for GBP116.60 million from Cabot Properties. The purchase price reflects a day one yield on cost of 6.1% and a reversionary yield of 6.6%. The 1.3 million sq ft of warehouses are in established […]
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09 Aug 2017 1 min read
LondonMetric buys Currys PCWorld store in New Malden
LondonMetric buys Currys PCWorld store in New Malden – LondonMetric Property Plc 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 […]
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04 Aug 2017 1 min read
LondonMetric Property sells Milford Haven retail park
LondonMetric Property sells Milford Haven retail park – LondonMetric Property Plc has announced that it has sold its retail park in Milford Haven for GBP15.3 million. The 84,000 sq ft Havens Head Retail Park was acquired in 2010 for a net GBP14.2 million and is anchored by a 38,000 sq ft Tesco food store with other […]
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27 Jun 2017 1 min read
LondonMetric Property sells last Marlow office
LondonMetric Property sells last Marlow office. LondonMetric Property has announced that it has exchanged on the sale of its last remaining office asset in Marlow to Kildare Partners for GBP68.5 million. The 231,000 sq ft office property is 96.7% let off a WAULT of 7.0 years to Allergan, Dun & Bradstreet, Lexington Catering, Icon Clinical and […]
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31 May 2017 4 min read
LondonMetric Property buys three urban logistics warehouses
LondonMetric Property buys three urban logistics warehouses as it announces results for year to 31 March 2017 that show NAV up 1.4%. LondonMetric Property buys three urban logistics warehouses LondonMetric Property has bought three separate urban logistic warehouses in Crawley, Coventry and Huyton for GBP23.9 million. The purchase price reflects a blended yield of 6.0% […]
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23 Mar 2017 2 min read
LondonMetric raising cash to fund expansion
LondonMetric Property has announced a placing of up to 62,804,390 new shares (approximately 9.9% of its issued share capital). They intend to use the net proceeds of the placing to fund the acquisition of predominantly “last mile” distribution assets and to finance newly committed distribution developments. The cash will be used to fund committed and potential investments and new […]
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20 Mar 2017 1 min read
LondonMetric buys two warehouses in Leeds
LondonMetric Property has announced the acquisition of two last mile distribution warehouses in Leeds for GBP12.0 million, reflecting a blended NIY of 6.0% and a reversionary yield of 6.5%. LondonMetric has acquired a new 100,000 sq ft warehouse on the Leeds ring road, close to the M1. The warehouse was completed in January 2017 and let […]
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15 Mar 2017 2 min read
LondonMetric sells three retail properties
LondonMetric Property Plc has sold three retail parks in Christchurch, Bedford and Maidstone for GBP60.9 million (LondonMetric share: GBP52.6 million). At Christchurch, the 104,000 sq ft retail park has been sold to clients of Orchard Street Investment Management for GBP34.5 million, reflecting a NIY of 5.65%. The property was purchased in 2013 for GBP27.1 million and […]
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21 Feb 2017 1 min read
LondonMetric buys two warehouses
LondonMetric Property has announced the acquisitions of a regional distribution warehouse in Wakefield for £9.5 million and a last mile distribution warehouse in Dartford for £6.3 million; reflecting a blended NIY of 5.8% and a reversionary yield of 6.4%. At Wakefield, LondonMetric has acquired a well specified 120,000 sq ft regional warehouse located on a […]
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30 Nov 2016 4 min read
Residual retail and residential exposure holds back LondonMetric
LondonMetric Property says its EPRA NAV fell to 143p from 147.7p over the course of the six months ended 30 September 2016. Its EPRA earnings per share climbed to 4p from 3.7p however. The interim dividend has edged up by 0.1p to 3.6p. Year to date they have sold GBP84.2 million of retail and leisure […]
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23 Nov 2016 1 min read
LondonMetric Property buys last mile distribution warehouses
LondonMetric Property has announced that it has acquired eight ‘last mile’ distribution warehouses for GBP39.9 million at a blended yield of 6.2% and with a WAULT of 9.0 years. Six of the distribution warehouses have been acquired from Helical plc for GBP26.0 million at a NIY of 6.5%. The 382,000 sq ft of warehouses are […]
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17 Oct 2016 1 min read
LondonMetric Property buys distribution warehouse
LondonMetric Property has acquired a distribution warehouse in Stevenage for GBP7.3m at a NIY of 6.25%. The 74,000 sq ft distribution warehouse is located immediately adjacent to the A1(M), on an established South East distribution park. The unit is let to Dixons Carphone for a further 9 years at a rent of GBP6.50 psf with […]
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01 Aug 2016 1 min read
Caledonia upgrades and expands gold resources at Blanket mine
Caledonia Mining has updated gold resources at its 49%-owned Blanket mine, in Zimbabwe, after a six-month drilling programme in the deeper areas of the mine. It has upgraded 343 kt from Inferred to Indicated, bringing a total of 48 koz of gold into the higher confidence category, and has added 1.28 Mt of new Inferred […]
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01 Jun 2016 1 min read
Increased focus on distribution for LondonMetric
Over the year to 31 March 2016, LondonMetric Property’s EPRA NAV increased from 140.6 to 1467.7. EPRA earnings increased from £40.9m to £48.5m which equates to an earnings per share increase from 6.6p to 7.8p. The dividend has been increased to 7.25p from 7.0p. They are implementing a policy of paying quarterly dividends the first […]
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10 May 2016 1 min read
LondonMetric Property sells three retail parks
LondonMetric Property Plc has announced that the Metric Income Plus Limited Partnership (“MIPP”), its joint venture with Universities Superannuation Scheme Ltd (“USS”), has sold its retail parks in Bridgwater, Chatham and Grimsby for GBP15.9 million (LondonMetric share: GBP8.0 million), reflecting a blended NIY of 5.7%. The 33,000 sq ft Range store in Bridgwater has been […]
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26 Apr 2016 1 min read
LondonMetric adds to retail exposure
LondonMetric Property has announced that it has acquired two convenience assets in Matlock and Leicester and a development site in Ipswich for a total cost of GBP16.2 million, reflecting a net initial yield of 7.0%. In Ipswich, LondonMetric has acquired a three acre site from Tesco, where it intends to develop a new 30,000 sq […]
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14 Apr 2016 1 min read
LondonMetric Property sells Taunton Odeon Multiplex for £9.1m
LondonMetric Property has announced that it has exchanged contracts on the sale of its freehold Odeon Multiplex Cinema, in Taunton, Somerset, for £9.1m. The purcasher is the Asda Pension Fund and the sale price reflects a net initial yield of 5.5%. The eight screen, 27,000 sq ft cinema is let to Odeon Cinemas Ltd for a […]
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17 Mar 2016 1 min read
LondonMetric Property buys three distribution warehouses
LondonMetric Property has announced that it has acquired three distribution warehouses for £21.8m, totalling 212,600 sq ft and reflecting a net initial yield (“NIY”) of 6.6%, which contractually rises to 6.9% within two years. The warehouses are located in Castle Donington, Royston and Hemel Hempstead and are let to toy retailer Hamleys, Howdens and Goodrich respectively for […]
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25 Jan 2016 1 min read
LondonMetric sells the Odeon Multiplex Cinema in Preston for £10.2m
LondonMetric Property has announced that it has exchanged contracts to sell the Odeon Multiplex Cinema, in Preston, for £10.2m. The sale reflects a net initial yield of 5.75% and the buyer is the Blackrock UK Long Lease Property Fund. The 33,000 square foot property has ten screens and is let to Odeon Cinemas Ltd for […]
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13 Jan 2016 1 min read
LondonMetric announces disposal of three jointly owned retail parks for £30m
LondonMetric Property has announced that its joint venture with the Universities Superannuation Scheme, the Metric Income Plus Limited Partnership, has sold its retail parks at Camborne, Haverhill and Bristol for £29.5m. LondonMetric’s share of the sale proceeds is £14.7m, which reflects a blended net initial yield of 5.8%. Longwell Green Retail Park in Bristol has […]
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10 Dec 2015 1 min read
LMP sells Birmingham distribution warehouse
LondonMetric Property has announced that it has exchanged contracts to sell its 210,000 sq ft WH Smith distribution warehouse in Birmingham to a UK institution for GBP18.2 million, reflecting a net initial yield of 5.2%. The property was acquired in 2013 for GBP10.1 million with 11 years remaining on the lease. Simultaneous with purchase, LondonMetric re-geared […]
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02 Dec 2015 1 min read
LondonMetric Property sells PC World in Hove for £13.6m
LondonMetric Property has announces that it has sold its PC World property in Hove to clients of Aberdeen Asset Management PLC for £13.6m, reflecting a net initial yield of 5.4%. LondonMetric acquired the asset for £8.1m and recently signed a new 15 year lease (with a break at 10 years) with PC World at a […]
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26 Nov 2015 2 min read
LondonMetric NAV growth driven development activity and yield compression
LondonMetric Property has announced its interim results for the half-year ended 30 September 2015. During the period, the company’s EPRA NAV has increased by 4.3% to 146.6p per share (31 March 2015: 140.6p). The company says that Valuation gains have been driven by development activity and market yield compression. During the period, EPRA earnings have […]
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30 Jun 2015 1 min read
LMP buys Next warehouse
LondonMetric Property has acquired a Next Distribution warehouse for £29m, reflecting a net initial yield of 6.3%. The off market acquisition is from a private property company and will be funded from the Company’s existing resources. The warehouse is located two miles north west of Junction 38 of the A1(M) in South Elmsall, Doncaster near […]
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02 Jun 2015 2 min read
LondonMetric ups exposure to M&S
LondonMetric Property has announced results for the year ended 31 March 2015 and separately has announced it is buying a portfolio of M&S convenience stores for £26m. Over the year to the end of March 2015, LondonMetric Property’s EPRA net asset value rose by 16% to 140.6p. The dividend is being maintained at 7p but they […]
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20 Apr 2015 1 min read
LondonMetric books 60% profit on Travis Perkins depot
LondonMetric Property has announced that it is selling its Travis Perkins distribution facility in Brackmills, Northamptonshire for £14.4m. The buyer is CBRE Global Investors. LondonMetric paid £9m for the property in November 2013 when there was just four months remaining on the lease. They agreed a new ten year term with Travis Perkins for a […]
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10 Apr 2015 1 min read
Tritax buys Brakes distribution centre
Tritax Big Box REIT is paying £37.2m to acquire the Brakes Brothers distribution centre in Flex Meadow, Harlow. the price is equivalent to a net initial yield of 5%. They say the centre is strategically positioned in a core South East location, close to the M11, the M25 and Central London, providing distribution reach across […]
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26 Nov 2014 2 min read
LMP announces interims and a couple of deals
LMP : LMP announces interims and a couple of deals LondonMetric Property has published its interim results for the period that ended on 30 September 2014 and has also announced a couple of property transactions Over the period the fund’s EPRA net asset value rose by 6.4% to 128.8p on a 5.7% uplift in the […]
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24 Nov 2014 1 min read
LondonMetric sells Bishop Auckland Retail Park
LMP : LondonMetric sells Bishop Auckland Retail Park LondonMetric Property is selling Bishop Auckland Retail Park to Standard Life Investments for £23.6m The price works out at an initial yield of 5.27%. LMP bought the land for £2.3m and then spent £15.8m over the course of 2012 and 2013 developing the site and so the […]
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04 Nov 2014 1 min read
LondonMetric Property sells 1 Carter Lane
LMP : LondonMetric Property sells 1 Carter Lane LondonMetric Property has announced that it has sold 1 Carter lane, an office development near St. Pauls in London, for £124.8m net (£138.8m gross adjusted for rent free deductions). They expect the deal to complete in January 2015. The 129,081 sq ft property is 73% let by […]
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01 Oct 2014 1 min read
London Metric buys Dixon Carphone distribution centre
LMP : London Metric buys Dixon Carphone distribution centre London Metric Property is paying £68.5m to acquire a 726,500 sq ft distribution centre in Newark leased to Dixons Carphone. The unit is let at a rent of £4.5m per annum with five yearly fixed uplifts to 3.0% pa compounded, and has an unexpired lease term […]
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03 Jul 2014 1 min read
LondonMetric Property : LMP – acquisition
LondonMetric Property has a joint venture with Universities Superannuation Scheme called Metric Income Plus Limited Partnership. this joint venture is buying Trostre South Retail Park in Llanelli from Benesco, a charity, for £12.8m, equivalent to a net initial yield of 6.8%. The 75,400 sq ft Tostre South Retail Park is let to B&Q, Pets at Home and KFC […]
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03 Jun 2014 1 min read
LondonMetric Property PLC : LMP – news and results
LondonMetric Property plc has sold a 22,000 sq. ft. retail development in Berkhamsted let to M&S Simply Food and Costa Coffee at a price equivalent to an initial yield of 4.5%; is getting £15.2m for its Odeon Multiplex in Huddersfield (an initial yield of 6.1%); and is selling three DFS warehouse units in Ashby, Droitwich and Bury […]
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01 Apr 2014 1 min read
LondonMetric Property : LMP – new pre-let development
LondonMetric Property is to develop a new 1m square foot retail distribution centre on the A14 in Islip, Northamptonshire. The facility will cost £77m to build and has been pre-let on a 25 year lease at £5 per sq ft to a major retailer.
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30 Jan 2014 1 min read
London Metric Property : LMP – acquisition
LMP has bought the Superdrug distribution centre in South Elmsall, Doncaster for £13m, equivalent to an initial yield of 7.3%. The 292,500 sq ft centre is located two miles from junction 38 of the A1(M) motorway and is fully let to Superdrug until 2025 with a break clause in 2020.
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27 Jan 2014 1 min read
London Metric Property : LMP – sale of Odeon, Dudley
LMP has sold its Odeon Multiplex in Dudley for £7.7m, equivalent to a yield of 5.95% (falling to 5.8% in June). LMP bought the cinema as part of a package of ten. these were acquired in November 2013 for £80.6m, equivalent to an initial yield of 7.2%.
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20 Dec 2013 1 min read
London Metric Property : LMP – two transactions
LMP has announced it is buying Royal Mail’s distribution centre in Daventry for £36m (on a yield of 6.7%) and selling a retail park in Congleton for £16.4m (the sale price equates to a yield of 5.8%, the park was acquired in Jun 2011 for £14.9m). After these transactions, LMP’s portfolio has 23%invested in distribution assets. […]
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19 Dec 2013 1 min read
London Metric Property : LMP – £175m aquisition
LMP is buying (as part of a jv) a 30.5% stake in 22 retail warehouses, four industrial units and a headquarters building – all rented to DFS – for £175m. LMP is managing the properties and will get 4% of rents as a fee.
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17 Dec 2013 1 min read
London Metric Property : LMP – sell property in Leatherhead
LMP has sold Unilever House in Leatherhead for £75.8m (equivalent to a yield of 5.9%). LMP had bought the property in June 2012 for £61.15m.
