LondonMetric Property (LMP)

[idpickering]

Occupational activity adds £8.5 million of annual rental income.

LondonMetric Property Plc ("LondonMetric" or "Company") announces an update on occupational transactions which have added £8.5 million per annum of rent in this financial year to date.

LondonMetric has settled 139 rent reviews since 31 March 2024, delivering £5.7 million of additional rent. This represents a 17% uplift on a five yearly equivalent basis, with urban logistics reviews delivering an uplift of 25%.

The Company has also signed 27 lettings over the same period, adding £2.8 million of additional rent. Lettings activity has focused on LondonMetric's logistics and retail warehousing assets and recent key deals comprise:

· 106,000 sq ft of regears at three distribution warehouses in Havant, Greenford and Dudley, where the combined annual rent has increased by 51% to £1.4 million and the WAULT has increased to over ten years;

· a 42,000 sq ft letting in Weymouth to M&S of a new full line store on a 15-year lease at an annual rent of £0.9 million. Planning consent has recently been obtained for the new development which is expected to deliver a yield on cost of 8% and complete in Spring 2026;

· a 36,000 sq ft distribution warehouse letting to Ferraris Piston Service (FPS) in Cardiff on a new 15-year lease at an annual rent of £0.4 million. The new development is expected to deliver a yield on cost of 7% and complete in Spring 2025;

· a 25,000 sq ft letting to Sainsbury's of a convenience grocery store in Bromsgrove on a ten-year lease. Sainsbury's replaces Homebase at a 24% higher annual rent of £0.5 million; and

· two lettings to Howdens and Tapi of recently vacated warehouses in Dulwich and Old Kent Road at a combined rent of £0.5 million per annum and with a WAULT of ten years.

https://www.investegate.co.uk/announcem ... me/8483201

Ian (I hold).

[idpickering]

£58M OF DISPOSALS & £10M RETAIL PARK ACQUISITION

LondonMetric Property Plc ("LondonMetric") announces that it has sold 24 properties across various non core sectors for a total consideration of £57.9 million, reflecting a 6% profit over prevailing book values. The sales include 22 LXi properties and comprise:

· A 73,000 sq ft large format Asda foodstore in Halesowen, sold for £28.0 million;

· A leisure asset in Hamilton, sold for £9.0 million;

· Five pubs across various locations, sold for a total consideration of £8.2 million;

· 12 assisted living assets, sold for £6.7 million, marking our exit from the assisted living sector;

· Three Travelodge hotels in Perth, Carlisle and Stonehouse, sold for £4.0 million; and

· A small development site in London and a Boots retail unit in Bangor, sold for £2.0 million.

https://www.investegate.co.uk/announcem ... n-/8555182

Ian (I hold).

[idpickering]

Half-year Report

Focus on winning sectors and transformational M&A drives rents, earnings and dividend growth

· Net rental income increased 154% to £193.1m

· EPRA earnings up 155% to £135.4m, +26.5% on a per share basis

· Sector leading EPRA cost ratio at 7.6%, - 400bps since year end

· Dividend increased 18.8% to 5.7p, 117% covered by earnings

· Q2 dividend declared today of 2.85p, in line with 12p dividend target for full year

Portfolio returns driven by reliable, repetitive and growing income

· Total property return +4.0%, capital value growth +1.1%, ERV growth +1.3%

· Like for like income growth 1.7% (3.5% annualised) driving valuation uplift of £40.9m

​· EPRA NTA per share of 195.7p (+2.1%)

​· IFRS reported profit of £163.8m (30 September 2023: £81.0m)

· Total accounting return of 4.9% (30 September 2023: 2.8%)

Reshaping portfolio to align to structurally supported sectors of logistics, convenience, healthcare and entertainment

· Portfolio value of £6.2bn (31 March 2024: £6.0bn), logistics represents 45% of portfolio, targeting 50% by year end

· £193.3m acquired in period comprising 19 logistics assets, £10m acquired post period end with £116m under offer

· £155.4m disposed (mainly LXi and CTPT assets), 21 assets sold post period end for £78.4m with £86m under offer

https://www.investegate.co.uk/announcem ... rt/8572049

Ian (I hold).

[idpickering]

Dividend Declaration.

On 26 November 2024, LondonMetric Property Plc ("Company") declared a second quarterly interim dividend of 2.85 pence per Ordinary Share ("Dividend") payable on 13 January 2025 to Shareholders on the register of members at the close of business on 6 December 2024.

The Company will offer Shareholders the opportunity to receive the Dividend in New Ordinary Shares instead of cash. The final Election Date is 20 December 2024.

The Scrip Calculation Price for the Dividend has been determined as 185.8 pence per Ordinary Share. This is the average closing mid-market price of an Ordinary Share for the five Business Days commencing with, and including, the Ex-dividend Date of 5 December 2024.

https://www.investegate.co.uk/announcem ... on/8607276

Ian.

[idpickering]

£124 MILLION OF ACQUISITIONS AND SALES.

LondonMetric Property Plc ("LondonMetric") announces that it has sold ten non-core properties for a total consideration of £74.2 million (LondonMetric share: £69.4 million) and reflecting a NIY of 6.9%. The sales comprise:

· A 138,000 sq ft retail park in Coventry, sold for £37.3 million reflecting a core NIY of 5.5% and a topped up NIY of 6.0%. It is let to 13 occupiers including Currys, Aldi, B&M and Dunelm at an average rent of £17.50 psf and has a WAULT of six years. LondonMetric acquired the asset in 2010 for £18 million and has extensively asset managed the park, delivering a profit on cost of 37%;

· An 82,000 sq ft Compass training office in Yarnfield, sold for £17.4 million;

· A 35,000 sq ft convenience retail park in Totton, sold for £9.5 million (£4.7 million at share);

· Two offices in Coventry, sold for £3.3 million, which completes the sell down of the 11 offices acquired through the A&J Mucklow acquisition;

· Two Stonegate pubs in Preston and Southampton, sold for £3.3 million;

· A former Dobbies garden centre in Huddersfield, sold for £3.1 million; and

· Two parcels of development land, sold for £0.3 million.

https://www.investegate.co.uk/announcem ... s-/8688726

Ian.

[idpickering]

Notice of Results.

LondonMetric Property Plc will announce its full year results for the year ending 31 March 2025 on Tuesday 20 May 2025.

https://www.investegate.co.uk/announcem ... ts/8720800

Ian (No holding).

[idpickering]

Post-offer intentions with regard to LXi REIT plc.

LondonMetric Property Plc ("LondonMetric"), announces that, further to the completion of its recommended all-share merger with LXi REIT plc ("LXi") (pursuant to which LondonMetric acquired the entire issued and to be issued ordinary share capital of LXi), which was implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006 and which became effective on 5 March 2024, the board of directors of LondonMetric has duly confirmed in writing to The Panel on Takeovers and Mergers in accordance with the requirements of Rule 19.6(c) of the Code that LondonMetric has complied with its post-offer intention statements made pursuant to Rules 2.7(c)(viii) and 24.2 of the Code, as originally detailed in LondonMetric's announcement of 11 January 2024 and LXi's scheme document published on 6 February 2024.

https://www.investegate.co.uk/announcem ... lc/8765609

Ian (No holding).

[idpickering]

BBB+ INVESTMENT GRADE CREDIT RATING.

LondonMetric Property Plc ("LondonMetric" or "Company") is pleased to announce that it has been assigned a first time Long-Term Issuer Default Rating (IDR) of 'BBB+' by Fitch Ratings ('Fitch'), with a Stable Outlook and a senior unsecured rating of 'A-'. The senior unsecured rating applies to LondonMetric's existing US Private Placement notes in issue.

https://www.investegate.co.uk/announcem ... ng/8790251

Ian (No holding).

[idpickering]

RECOMMENDED ACQUISITION OF HIGHCROFT INVESTMENTS.

Summary

The boards of LondonMetric (LSE: LMP) and Highcroft (TISE: HCFT, http://www.highcroftplc.com), a UK REIT which owns a portfolio of real estate assets weighted towards logistics (52 per cent.) and retail warehousing (27 per cent.), are pleased to announce that they have reached agreement on the terms of a recommended all-share offer, pursuant to which LondonMetric will acquire the entire issued and to be issued share capital of Highcroft (the "Acquisition"). It is intended that the Acquisition will be effected by means of a scheme of arrangement under Part 26 of the Companies Act (the "Scheme").

Under the terms of the Acquisition, Highcroft Shareholders will be entitled to receive:

for each Highcroft Share: 4.65 New LondonMetric Shares

On the basis of the Closing Price per LondonMetric Share of 181.1 pence on 26 March 2025 (being the last Business Day before this announcement) (the "Latest Practicable Date"), the Acquisition values each Highcroft Share at 842.1 pence and the entire issued and to be issued share capital of Highcroft at approximately £43.8 million and represents a premium of approximately 40.4 per cent. to the Closing Price per Highcroft Share of 600.0 pence on the Latest Practicable Date.

Highcroft Shareholders will also be entitled to receive and retain the interim dividend of 35 pence per Highcroft Share that has been announced separately today which is due to be paid on 16 May 2025 to Highcroft Shareholders on the register of members as at the close of business on 25 April 2025.

https://www.investegate.co.uk/announcem ... ts/8799680

Ian (No holding).

[idpickering]

LONDONMETRIC TRANSACTS ON £40M OF LOGISTICS SALES.

LondonMetric Property Plc ("LondonMetric") announces that it has sold £40.4 million of mature and non-core urban warehousing, reflecting a NIY of 4.3%.

The five assets have been sold in separate transactions to owner occupiers and long only funds, and comprise:

· Three London warehouses in Walthamstow, Park Royal and Croydon, sold for £30.8 million and reflecting a NIY of 3.9%; and

· Two warehouses in Birmingham and Aberdeen, sold for £9.6 million and reflecting a NIY of 5.7%;

The sales are in line with 30 September book values and have delivered a profit on cost of 30% and an ungeared IRR of 10%.

Over the year to 31 March 2025, LondonMetric has sold over 70 assets for £347 million (LondonMetric share: £342 million) at 1.6% above prevailing book values.

Andrew Jones, Chief Executive of LondonMetric, commented:

"The sales are both strategic and opportunistic. We have monetised lower yielding assets that have delivered on their asset management plans to deliver strong unlevered returns. The sales proceeds will be reinvested into our core sectors and assets that have superior income and rental growth prospects."

https://www.investegate.co.uk/announcem ... es/8816057

Ian (No holding).

[idpickering]

LONDONMETRIC PROPERTY PLC ACQUISITION OF A NEW M&S LOGISTICS WAREHOUSE FOR £74 MILLION.

LondonMetric Property Plc ("LondonMetric") announces the acquisition of a long-let M&S logistics warehouse for £74.0 million, reflecting a NIY of 5.65%.

The 390,000 sq ft regional logistics warehouse is pre-let to M&S on a 20-year lease with five yearly upward only rent reviews linked to CPI.

https://www.investegate.co.uk/announcem ... 4m/8823376

Ian (No holding).

[idpickering]

This may be of interest here.

Possible Offer from LondonMetric Property plc.

The Board of Urban Logistics REIT plc ("Urban Logistics" or the "Company") announces that on 13 April 2025, it received a revised proposal from LondonMetric Property plc ("LondonMetric") regarding a possible offer for the entire issued and to be issued share capital of Urban Logistics (the "Possible Offer"), with the consideration consisting of new shares in LondonMetric based on an adjusted EPRA NTA for adjusted EPRA NTA exchange ratio plus a fixed amount in cash (the "LondonMetric Proposal").

Under the terms of the LondonMetric Proposal, shareholders in Urban Logistics would be entitled to receive, for each Urban Logistics share:

0.5612 new LondonMetric shares (the "Exchange Ratio")

and

42.8 pence in cash

In addition, Urban Logistics shareholders would be entitled to retain the dividend for the second half of the financial year ending 31 March 2025, currently expected to be 4.35 pence per Urban Logistics share and to be paid in July 2025 (the "H2 Dividend").

Following completion of the Possible Offer, Urban Logistics shareholders would hold approximately 11.3 per cent. of the combined group's issued share capital.

The making of a firm offer by LondonMetric is subject to a number of pre-conditions, waivable at LondonMetric's discretion, including completion of due diligence and the recommendation of any firm offer to Urban Logistics' shareholders by the Board.

https://www.investegate.co.uk/announcem ... lc/8830369

Ian (No holding).

[idpickering]

Further to the above;

Withdrawal of Requisition.

The Board of Urban Logistics REIT plc ("Urban Logistics" or the "Company") welcomes the announcement this morning by Achilles Investment Company Limited withdrawing its requisition for a general meeting following the announcement by the Company yesterday in connection with the possible offer from LondonMetric Property plc ("LondonMetric").

As announced on 14 April 2025, the Board of Urban Logistics and its advisers have entered into discussions with LondonMetric in relation to a possible recommended offer for the Company and confirmatory due diligence is underway. There can be no certainty that any offer for Urban Logistics will be made. A further announcement will be made in due course. In the meantime, Urban Logistics shareholders are advised to take no action.

In accordance with Rule 2.6(a) of the Code, LondonMetric must by no later than 5.00 pm (London time) on 9 May 2025 either announce a firm intention to make an offer for Urban Logistics in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Urban Logistics, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Panel on Takeovers and Mergers (the "Panel") in accordance with Rule 2.6(c) of the Code.

https://www.investegate.co.uk/announcem ... on/8832402

Ian (No holding).