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Ten single-let properties acquired for £55m from the ACT Foundation
Standard Life Aberdeen now holds a 5% stake in the property investment and development company
> an exciting stock.!
.....as quietly suggested by MasterOats whilst "Mrs Director" is no doubt happy with the approx. 20% gain on the December purchase of 50000 shares! ....also it would appear that our new "famous fund manager" has got off to a satisfactory start.
they've given no indication of such joys....have they?
May be increasing...
....for a stock that is actively traded on a daily basis.........no one seems to have anything to say regarding this solid company. Decent recent figures. Yesterday the wife of a director purchased 50,000 @ a tad over 140p xd. Hence many "buys" going through this morning as investors take up the offer of a £5% yield. Any takers !!
.....who may have an idea as to why the recent weakness in the price? Hardly a high Beta stock I know, and tends to move gently with markets. I thought the post Brexit fears re. commercial property had settled down and,in any case, were unfounded along with most other "Expert" assessments. With thanks
of the deadest bulletin boards out there. i still own a few of these, happy enough with that kind of RNS. the company seems to be getting on with it. not galloping, but steady. gla.
Up tp 7.25p
LONDONMETRIC TO PURCHASE AND FUND 356,000 SQ FT DISTRIBUTION WAREHOUSE DEVELOPMENT LondonMetric Property Plc ("LondonMetric" or the "Company") announces that it has agreed to purchase a new 356,000 sq ft distribution warehouse development at Omega South, Warrington. LondonMetric will forward fund the development by Omega Warrington Ltd, a joint venture between Miller Developments and KUC Properties Ltd, with a total expenditure of c£30 million. Upon letting, the building is expected to generate a yield on cost to LondonMetric of c7.0%. The warehouse will be built at Omega South's logistics hub adjacent to LondonMetric's recently completed 690,000 sq ft warehouse let to The Hut Group. Omega South, which is located at Junction 8 of the M62, is now considered to be a top five UK logistics hub and other occupiers include Asda, Brake Bros, Hermes and Travis Perkins. The very high specification unit will include 15 metre eaves, cross docking, 46 loading doors and 53 metre yards. The 19 acre site benefits from outline planning consent and full consent is due in time to allow construction to commence in March with completion in December 2016. The warehouse is expected to generate a rent of £2.2 million pa and LondonMetric will receive a funding coupon equivalent to 6.0% p.a. up until practical completion. LondonMetric's distribution portfolio totals £766 million, comprising 23 distribution warehouses and representing 52% of the Company's portfolio. As at 30 September 2015, distribution investments had a WAULT of 13.9 years and 60% of income was subject to fixed or RPI uplifts. The purchase will be financed from the Company's existing resources. Andrew Jones, Chief Executive of LondonMetric, commented: "Ongoing occupier demand for logistics and a lack of availability continues to drive a significant demand / supply imbalance, particularly for well-located modern assets. This will be a high specification building in an excellent and proven location so we expect strong interest and will use our extensive occupier relationships to secure a tenant."
Recommendation type: Income Jonas Crosland LondonMetric Property (LMP) was born in November 2012 from the agreed merger between London & Stamford Property and Metric Property Investments. Since then, it has shrewdly shifted its property portfolio out of office and residential and into areas where property prices have been growing more quickly, namely out-of-town retail distribution centres and convenience shopping. In doing so, it has managed to achieve a significant arbitrage between selling off highly priced assets and replacing them with cheaper acquisitions. And the company is now entering a new phase of value creation as it focuses on property development. While LondonMetric still has some assets that are likely to be sold, the mixture in the portfolio has been changed dramatically. Residential and office assets comprise just 10 per cent of the portfolio, compared with 45 per cent at the time of the merger. In value terms, 90 per cent of the portfolio is now within its core sectors. Chief executive Andrew Jones takes an unemotional and pragmatic approach to recycling assets, and in the year to March asset sales totalled £289m, while investments in retail and distribution amounted to £309m. Contracted rental income last year rose from £78m to £85.6m, and 20 rent reviews conducted during the year provided an extra £0.6m of rental income. Together with new lettings, this lifted rents by £2.6m. The change in direction has been made to benefit from a seismic shift in the retail sector, thanks to technological advances and changing consumer habits. Online shopping, click-and-collect services and home delivery have left most retailers with an inadequate logistics infrastructure at the same time as a seven-year drought in the availability of big, purpose-built premises. However, prices of such properties have risen considerably since LondonMetric began to refocus, so the company is now turning to development to get maximum benefit from the strong demand. Typical of the LondonMetric's drive is a pre-let agreement with Primark for a 1.06m sq ft distribution centre on the A14 in Northamptonshire on a new 25-year lease, which is expected to deliver a 6.9 per cent rental yield based on expected development costs - better than could be achieved from buying such a property in the open market. The current committed development pipeline totals 2m sq ft, of which 90 per cent is pre-let, while the company has a further 1m sq ft of developments conditional on planning approvals. Finances are in good shape, too, boosted by a £400m revolving credit facility, while the loan-to-value ratio still looks modest despite edging up from 32 per cent to 36 per cent last year. Cost of debt has fallen to 3.4 per cent, while average debt maturity has been extended to six years. Rental income is expected to jump from £54m in 2014 to £74.5m by 2017, which should mean the attractive dividend is covered
LMP quietly delivering profits, 7% dividends and share appreciation. More good news tomorrow.
good results, bought another tranche, good luck all
very good set of results...............bodes well (hopefully!!).....dyor
SMP - hope some of you got on board when it tipped them . SMP, NRR AND LMP ALL DOING WELL IN THIS MARKET
3.5p excellent, again great results here, lets see her move upwards
Optimus 3.5 div on 20 dec- good set of results as was NRR.results
Hi Optimus should be announce soon around 3p. Let's hope results show that they are going strong and supporting my enthusiasm for this share. NRR- new river retail and a SMP - St.Mowens also doing well and building up great assets bases.
Hi Novice are we getting an interim divi this month, cant see it on their website? be interesting to see results on the 28th of this month
Back up to previous recent highs. Ready for the next rise upwards?
An up day at last - hopefully downward trend reversing now. With UK economy spluttering back to life, this should go with it.
big trade....
Two buy ratings today (one of them new - Seymour Pierce - with a 128 s/p target) - and hey presto, s/p rises (not that much but a good start!).