LondonMetric Property PLC - London-based property investor - Acquires two retail assets for GBP23.3 million. The company expects a blended initial yield of 6.7%. The properties are expected to generate GBP1.6 million a year in rent.
The first property is a 76,000 square foot property in Evesham. It is predominantly let to The Range and Halfords. The second property is 42,000 square foot in Burton-upon-Trent. It is currently let to Dunelm, Halfords, and Pets at Home.
Chief Executive Andrew Jones says: "These assets are let to the winning retailers across the discount, auto and pets sectors and offer multiple opportunities to leverage our asset management capabilities."
Current stock price: 247.00 pence, up 0.2% on Monday
12-month change: up 7.4%
By Sophie Rose; sophierose@alliancenews.com
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LondonMetric (LMP)