2013

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20 December 2013

Londonmetric Acquires Royal Mail’s Main Distribution Centre for £36.0 Million and Sells Congleton Retail Park for £16.4 Million

LondonMetric Property Plc (“LondonMetric” or the “Group”) announces that it has exchanged on the acquisition of the Royal Mail Distribution Centre in Daventry the disposal of Congleton Retail Park in Congleton. In an off-market deal, LondonMetric has exchanged on the acquisition of Royal Mail’s main distribution centre at Daventry International Rail Freight Terminal (DIRFT) from Meghraj Properties Limited (“Meghraj”) for £36.0 million, reflecting a net initial yield of 6.7%.

Separately, LondonMetric has exchanged on the sale of Congleton Retail Park, Congleton, for £16.39 million to Lothbury Investment Management (“Lothbury”), reflecting a net initial yield of 5.85%. The retail park comprises 64,500 sq ft and is let to tenants including M&S Simply Food, Brantano, Laura Ashley, Carphone Warehouse and Boots with a WAULT of 7.0 years. It was acquired in June 2011 for £14.9 million.  Completion is expected later today.

19 December 2013

Londonmetric Creates £175 Million Joint Venture to Acquire Portfolio of 27 DFS Assets

LondonMetric Property Plc ("LondonMetric" or the "Group") announces that it has exchanged contracts to acquire a portfolio of 27 DFS assets from the administrators to Delphi Properties Limited for a purchase price of £175.0 million, reflecting a net initial yield of 9.3%. The acquisition is expected to complete on 25 March 2014. The portfolio is to be acquired by a new joint venture which LondonMetric is forming with LVS II Lux X S.a.r.l, called LMP Retail Warehouse JV Property Unit Trust (the "Joint Venture"). LondonMetric will own 30.5% of the joint venture. The portfolio comprises 22 retail warehouses, four industrial units and DFS’ headquarters and distribution centre, covering a total area of 903,700 sq ft. The rent roll is £17.3 million per annum and all the leases expire in March 2030, providing a WAULT of 16.3 years.

The full announcement can be found in the attached file.

17 December 2013

Londonmetric Sells Unilever House in Leatherhead for £75.8 Million

LondonMetric Property Plc announces it has exchanged on the corporate disposal of Unilever House, Leatherhead for £75.8 million to Lembaga Tabung Haji (“LTH”), advised by Gatehouse Bank. The sale price reflects a net initial yield of 5.9%. The disposal is expected to complete at the end of January. The 176,100 sq ft office campus is arranged over three floors housing Unilever’s UK & Ireland headquarters.

The full announcement can be found in the attached file.

28 November 2013

LondonMetric Sells Three Retail Parks for £31.6 Million

LondonMetric announces the sale of three retail parks in two separate transactions. It has sold Nottingham Road Retail Park in Mansfield and St Mary’s Road in Sheffield to Henderson Global Investors for £19.2 million, reflecting a net initial yield of 6.77% and generating a blended ungeared total return of 14.0% per annum. Separately on behalf its MIPP joint venture with USS, it has sold the Wickes unit in Oxford for £12.4 million (£4.1 million LondonMetric share) to Lothbury Investment Management, reflecting a net initial yield of 5.3%.

The full announcement can be found in the attached file.

28 November 2013

LondonMetric Announces Half Year Results to September 2013

LondonMetric announces profit adjusted for exceptional items of £50.9m, EPRA earnings of £11.7m, EPRA NAV per share of 112p, EPRA EPS of 1.9p and DPS of 3.5p was declared to paid on 20 December 2013. Portfolio revaluation of £35.6m contributed to a total property return for the period was 6.5% outperforming the IPD All Property Quarterly Benchmark return of 4.6%.

The full announcement can be found in the attached file.

14 November 2013

LondonMetric Acquires Out of Town Multiplex Cinema Portfolio for £80.6 Million

LondonMetric has exchanged on a portfolio of ten out of town Odeon multiplex cinemas from Odeon Property Group LLP for £80.6 million (net of corporate acquisition costs). The acquisition will be funded by a term facility of £43.5 million provided by Lloyds Bank plc. The portfolio is let to Odeon Cinema Limited for 24.9 years with no breaks and is subject to annual RPI index-linked rental increases of between 1% and 5%. The total initial rental income is £5.9 million per annum.

The full announcement can be found in the attached file.

11 November 2013

LondonMetric Acquires Travis Perkins Distribution Warehouse and Regears Three Wickes Leases for MIPP

LondonMetric exchanged on the acquisition of the Travis Perkins Distribution Centre in Brackmills, Northampton for £9.0 million, reflecting a net initial yield of 8.8%. The acquisition will be funded from existing resources. Separately, LondonMetric has completed with Travis Perkins the regear of three Wickes leases at Barnsley, Chatham and Oxford on behalf of its MIPP joint venture with USS, extending the average unexpired lease term from 7.3 years to 21.7 years.

The full announcement can be found in the attached file.

18 September 2013

MIPP Acquires a Portfolio of Wickes Units for £28.0 Million

LondonMetric announces that its £150 million MIPP JV with USS has exchanged contracts to acquire a portfolio of five standalone Wickes retail warehouse units from clients of Aberdeen Asset Management. The total purchase price of £28.0 million reflects an average net initial yield of 7.2%, with an average unexpired lease term of just over ten years. The five Wickes units are located in Oxford (28,200 sq ft), Chatham (24,900 sq ft), Maldon (27,000 sq ft), Oldham (25,000 sq ft) and Barnsley (25,900 sq ft).

The full announcement can be found in the attached file.

09 September 2013

LondonMetric Acquires Distribution Warehouses in Northamptonshire and Leicester for £23.1 Million

LondonMetric announces that it has exchanged on two distribution warehouses in Northamptonshire and Leicester for a total consideration of £23.1 million, reflecting a combined net initial yield of 7.5%. The acquisitions will be funded from existing resources. In Northamptonshire, it has exchanged contracts to acquire a 310,500 sq ft distribution warehouse in Crick for £17.9 million, reflecting a net initial yield of 7.3%, rising to 8.4% in year five and let to Norbert Dentressengle. In Leicester, it completed the acquisition of the Boden Distribution Unit for £5.2 million, reflecting a net initial yield of 8.3%.

The full announcement can be found in the attached file.

01 August 2013

LondonMetric Q1-14 IMS – Rebalances Portfolio and Refinances Debt

LondonMetric announces its interim management statement for the period from 1 April to 31 July 2013 with acquisitions totalling £100.9m (LM share) off average yields of 7.3%; total disposals of £352.7m (LM share) off average yields of 4.4%; new lettings at One Carter Lane to MFS and SEB, totalling 60,600 sq ft; 22 new lettings agreed (including Carter Lane) increasing net rental income by £5.6m p.a.; investment portfolio occupancy at 99.6% (March 2013: 95%) and new five year financing facilities signed with Helaba and RBS totalling £254m at a blended margin of 2.4%.

The full announcement can be found in the attached file.

29 July 2013

LondonMetric Sells One Fleet Place for £112.5 million

LondonMetric has conditionally exchanged contracts on the sale of One Fleet Place, London EC4, for £112.5 million to One Fleet Place Realty Limited, a wholly owned subsidiary of a Far Eastern multinational corporation. The sale price reflects a net initial yield of 5.1% and a premium over March 2013 book value of 3.2%. The disposal is conditional on freeholder consent and is expected to complete on 5 September 2013.

The full announcement can be found in the attached file.

18 July 2013

LondonMetric Acquires Two Retail Warehouses for £25.8 million

LondonMetric exchanged on a portfolio of two retail warehouses in Cardiff and Milton Keynes from clients of JP Morgan Asset Management for £25.8 million, reflecting a combined net initial yield of 8.0%. In Milton Keynes, Westcroft Retail Park totals 75,600 sq ft of Open A1 space (including food) and in Cardiff, Seager Retail Park totals 33,800 sq ft of bulky goods consented space. The acquisitions will be funded from existing resources.

The full announcement can be found in the attached file.

15 July 2013

LondonMetric Buys Argos and WH Smith Retail Distribution Warehouses for £61.8 Million

LondonMetric has exchanged on two distribution warehouses in Bedford and Birmingham for a total consideration of £61.8 million reflecting a combined net initial yield of 7.2%. The acquisitions will be funded from existing resources. In Bedford, on the Argos Distribution Warehouse for £51.65 million, reflecting a net initial yield of 7.0% and in Birmingham, on the WH Smith Distribution Unit for £10.1 million, reflecting a net initial yield of 7.9%.

The full announcement can be found in the attached file.

04 June 2013

LondonMetric Agrees Sale of £247.56 Million Distribution Portfolio

LondonMetric announces it has exchanged contracts on the sale of 11 distribution assets for a total consideration of £247.56 million, reflecting a net initial yield of 6.25%, to a joint venture between Prologis Europe and Norges Bank Investment Management. Ten of the assets were held in a 50% joint venture with Green Park Investments and the former Focus Distribution Centre at Tamworth was wholly owned by LondonMetric. The assets were sold at a premium to current book value.

The full announcement can be found in the attached file.

31 May 2013

LondonMetric Announces Full Year Results to March 2013

LondonMetric announces Profit before tax & exceptional items of £39.9m, underlying profit of £21.3m, EPRA NAV per share of 109p, EPRA EPS of 3.9p and DPS of 7.0p was declared to paid on 12 July 2013. Total property return for the period was 8.0% outperforming the IPD All Property Quarterly Benchmark return of 3.0%.

The full announcement can be found in the attached file.

13 May 2013

LondonMetric Acquires Retail Park in Ipswich and Signs Major Pre-let with M&S at St Austell

LondonMetric announces it has exchanged on the acquisition of Martlesham Heath Retail Park, Ipswich from clients of JPMorgan Asset Management at a purchase price is £10.35 million, reflecting a net initial yield of 6.5% rising to 7.4% on conclusion of letting the vacant unit. At its shopping park development in St Austell, Cornwall, LondonMetric has exchanged terms with M&S for a new 50,000 sq ft full-line general merchandise store incorporating Simply Food.

The full announcement can be found in the attached file.

27 March 2013

LondonMetric Acquires Primark Distribution Unit in Thrapston for £60.5 Million

LondonMetric Property Plc (“LondonMetric”), the UK REIT recently created through the merger of London & Stamford Property Plc and Metric Property Investments plc, announces the acquisition of the Primark Distribution Unit, Thrapston from Moorfield Real Estate Fund II for £60.5 million. The acquisition will be funded from existing resources

The full announcement can be found in the attached file.

21 February 2013

LondonMetric Completes Debut Purchase of £92.4 Million Retail Warehouse Portfolio

Further to its announcement on 31 January 2013, LondonMetric confirms completion of the acquisition of a portfolio of six retail warehouse assets for £92.4 million (net of acquisition costs) reflecting an average net initial yield after purchasers’ costs of 7.8%.

The full announcement can be found in the attached file.

15 February 2013

LondonMetric Property Plc – Results of Tender Offer

LondonMetric sets out the results of its £100m return of capital. 91,810,669 Ordinary Shares were validly tendered at the Tender Offer Price of 112.9p. Tenders will therefore be accepted in full from Qualifying Shareholders who validly tendered their Tender Offer Entitlements or any number of Ordinary Shares less than their Tender Offer Entitlement and Excess Tenders will be satisfied to the extent of approximately 94.72%. 88,573,910 Ordinary Shares will therefore be purchased by Peel Hunt on 18 February 2013 for a total cost of approximately £100 million.

The full announcement can be found in the attached file.

04 February 2013

LondonMetric Property Plc – Q3-13 IMS

LondonMetric announces its first Interim Management Statement following the completion of the merger between London & Stamford and Metric Property. Highlights over the period include exchanging contracts to acquire a portfolio of six retail warehouse assets for £92.4 million, the disposal of 15.7% interest in Meadowhall Shopping Centre for net proceeds of £95.8 million, completing the acquisition of 107 residential units at Seward Street, EC1 for £45.7 million and acquiring three retail parks on behalf of MIPP for £20.7 million (LondonMetric share: £6.9 million).

The full announcement can be found in the attached file.

31 January 2013

LondonMetric Makes Debut Purchase of £92.4 Million Retail Warehouse Portfolio

LondonMetric Property announces its first acquisition with the purchase of a portfolio of six retail warehouse assets. The total consideration is £92.4 million (net of acquisition costs) reflecting an average net initial yield after purchasers’ costs of 7.8%. The portfolio is being acquired from clients of Aviva Investors and the six out-of-town retail parks are all located within approximately 100 miles of London.

The full announcement can be found in the attached file.

31 January 2013

LondonMetric Property Plc Tender Offer

Following completion of the Merger, LondonMetric Property Plc (LSE: LMP.L) today sets out the details of the return of capital of up to £100 million to be made to Qualifying Shareholders by way of the Tender Offer. LondonMetric has engaged Peel Hunt to implement the Tender Offer who as principal will purchase up to a maximum of 88,573,959 Ordinary Shares (being 12.36 per cent. of the Company's issued ordinary share capital as at 29 January 2013) at the Tender Offer Price of 112.9 pence per ordinary share.

The full announcement can be found in the attached file.

25 January 2013

London & Stamford and Metric Announce Capital Reduction Approved and Scheme of Arrangement Becomes Effective

London & Stamford and Metric are pleased to announce that the Capital Reduction required to effect the recommended Merger, implemented by means of a Scheme of Arrangement was yesterday confirmed by the Court and that the Scheme has now become effective in accordance with its terms. It is expected that the delisting and the cancellation of trading of Metric’s Shares on the London Stock Exchange will occur at 8.00 a.m. on 28 January 2013.

The full announcement can be found in the attached file.

24 January 2013

Metric Announces Confirmation of the Capital Reduction and Court Approved Scheme of Arrangement

The Board of Metric announces that on 24 January 2013 the Court sanctioned the Scheme and confirmed the Capital Reduction required to effect the recommended merger of Metric and London & Stamford (to be renamed LondonMetric Property Plc). The Scheme and its implementation were approved by Metric Shareholders on 21 December 2012. It is expected that the Scheme will become effective on 25 January 2013.

The full announcement can be found in the attached file.

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