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LondonMetric Acquires Grocery-led Property In South Ruislip, West London, For £18.0 Mln

LondonMetric Property Plc (LMP.L), on Tuesday, said it acquired a grocery-led property in South Ruislip, West London, for £18.0 million. The sale price reflects a 9% premium to the 31 March 2021 book value.

The company noted that the 41,000 sq ft building is let to Aldi and B&M and has a WAULT of 9.4 years. It generates £0.9 million p.a. of rent, about 40% of which has RPI linked rent reviews. Prominently located on a 3.5 acre site adjacent to an Asda supermarket, the asset was substantially refurbished in 2015 and its sizeable car park provides further asset management potential.

Separately, Metric Income Plus Limited Partnership, LondonMetric's joint venture with Universities Superannuation Scheme Ltd, has sold a portfolio of three DIY and homeware properties for £14.2 million to a US investor. Located in Speke, Barnsley and Beverley, the properties are let to Wickes and Dunelm and have a WAULT of 10.2 years.

Andrew Jones, Chief Executive of LondonMetric, said, "The proceeds of these sales have been reinvested into a very well let grocery-led asset in a strong London geography. The acquisition not only provides greater certainty of income growth but also further asset management opportunities."

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