(Alliance News) - LondonMetric Property PLC on Tuesday said it has added GBP2.4 million in annualised rent since September 30, having taken on 62 occupier initiatives.
The London-based property investor said this includes lettings and lease regears on 24 assets, which amounted to GBP1.9 million, and rent reviews on 38 assets, adding GBP500,000 in rent.
It noted that rent reviews and regears delivered an average uplift of 21% against previous passing on a five yearly equivalent basis, with average uplifts of 33% on logistics.
Key occupier initiative include a reagar at a 290,000 square food regional logistics warehouse in Sheffield, where the weighted average unexpired lease term was extended to 10 years and the rent increased by GBP800,00, a 50% uplift.
Chief Executive Andrew Jones said: "We continue to see strong occupational activity across our portfolio from a very wide range of industries. This is allowing us to capture significant rental increases as well as negotiate longer lease lengths on shorter dated income."
A high number of rent reviews are expected to be settled in the next six to 12 months, with the firm on track to capture GBP8 million in logistics rental reversion, as mentioned in its previous results.
Shares in LondonMetric traded 1.1% higher at 189.80 pence each in London on Tuesday morning.
By Sophie Rose, Alliance News reporter
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LondonMetric (LMP)