Dec 19 2013
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.
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