LondonMetric Property plc Announces Exchange Conditional Contract with CDP Ltd. to Purchase and Forward Fund the Development of 524,000 Sq Ft Retail Distribution Center
Jul 1 15
LondonMetric Property plc announced that it has exchanged conditional contracts with CDP Ltd. to purchase and forward fund the development of a new 524,000 sq ft retail distribution center in Wakefield for 39.4 million British pounds, reflecting a yield on cost to LondonMetric of 6.3%. The company said that the warehouse has been pre-let to Poundworld Retail Ltd. on a 15 year lease at a rent of 2.5 million pounds per annum, equating to 4.85 pounds per sq ft, subject to 5 yearly compounded RPI rent reviews to a minimum of 2.5% per annum and a maximum of 5.0% per annum. Construction is due to commence later this summer with practical completion targeted for Autumn 2016. Funding payments will attract a rolled up coupon of 6.50% per annum. The highly prominent 30 acre site is located near J.31 of the M62 in a well-established logistics hub with adjoining occupiers including Asda, DHL, HSBC, Royal Mail and TK Maxx.
LondonMetric Property Plc Announces Acquisition of Next Distribution Warehouse
Jun 30 15
LondonMetric Property Plc announced that it has acquired a Next Distribution warehouse for £29 million, 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 to the company's Superdrug Distribution Centre. It forms part of Next's 'logistics hub' in the area, with three further Next owner-occupied units on adjacent sites and a conveyor link bridge to one of these units. The 330,300 sq ft asset was purpose built for Next in 2005 and incorporates 22,000 sq ft of office space and has additional mezzanine floors, which increases the internal area to 725,000 sq ft. The site area is 19 acres and the site cover is 40%. The unit is let at a rent of £1.9 million per annum with a further 2.5% pa compounded fixed uplift in April 2019, and has an unexpired lease term of 9 years. Following this acquisition, the company's distribution portfolio comprises 22 distribution centres and totals £656.6 million representing 46.7% of the Group's total portfolio. The distribution portfolio has 100% occupancy, a WAULT of 13.7 years and 54.4% of the income is subject to fixed or RPI linked uplifts.
LondonMetric Property Plc Announces Consolidated Earnings Results for the Year Ended March 31, 2015
Jun 2 15
LondonMetric Property Plc announced consolidated earnings results for the year ended March 31, 2015. For the year, the company announced net rental income was GBP 57,610,000 compared to GBP 51,272,000 for the same period a year ago. Net income was GBP 59,821,000 compared to GBP 52,570,000 for the same period a year ago. Operating profit was GBP 187,063,000 compared to GBP 139,938,000 for the same period a year ago. Profit before tax was GBP 160,315,000 compared to GBP 126,689,000 for the same period a year ago. Profit for the year and total comprehensive income was GBP 159,451,000 compared to GBP 125,337,000 for the same period a year ago. Earnings per share, basic and diluted were 25.5 pence compared to 20.0 pence for the same period a year ago. Cash flows from operating activities were GBP 24,806,000 compared to GBP 10,221,000 for the same period a year ago. Purchase of investment properties and subsidiaries was GBP 279,740,000 compared to GBP 263,871,000 for the same period a year ago. Purchase of other tangible assets was GBP 25,000 compared to GBP 257,000 for the same period a year ago. Capital expenditure on investment properties was GBP 32,102,000 compared to GBP 26,157,000 for the same period a year ago. EPRA earnings were GBP 40,909,000 compared to GBP 26,369,000 for the same period a year ago. EPRA earnings per share were 6.6 pence compared to 4.2 pence for the same period a year ago. Basic net asset value per share was 139.4 pence compared to 120.8 pence for the same period a year ago. EPRA net asset value per share was 140.6 pence compared to 121.0 pence for the same period a year ago.