LondonMetric flags solid portfolio performance

(Sharecast News) - LondonMetric said on Thursday that its £7.6bn triple-net lease portfolio continued to perform well, with occupancy rising to 98.3% from 97.7% since the start of the financial year and average lease lengths at 17 years.

Since 1 April, the company has completed £139m of investment transactions, including £96.7m of disposals and £42.5m of acquisitions, while 72 asset management initiatives added £6.7m of annual rental income.

The FTSE 100 company said due diligence on the proposed offer for Picton Property Income was progressing well, with transaction documentation being finalised.

Chief executive Andrew Jones said LondonMetric continued to enhance its "all-weather portfolio" and was reinvesting proceeds from non-core asset sales into quality assets across the convenience food sector.

At 0943 BST, shares in LondonMetric Property were up 0.01% at 185.62p.

Reporting by Josh White for Sharecast.com.

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