Last checked at 23 Mar 2017 07:00
23 March 2017
DISTRIBUTION LETTINGS TO
AMAZON AND MICHELIN ON C500,000 SQ FT
LondonMetric Property Plc ("LondonMetric") announces that it has exchanged contracts with Michelin to build a new 137,000 sq ft distribution centre at its site in Stoke.
Michelin has signed a new 15 year lease at a rent of £5.35 psf, subject to five yearly reviews, at the higher of open market and guaranteed fixed uplifts. The anticipated yield on cost is 6.3% and construction is expected to commence shortly, with completion by the end of 2017.
LondonMetric will also look to build out the remaining c130,000 sq ft unit upon completion of the new Michelin accommodation.
At Omega South, Warrington, all conditions relating to the new letting of 357,000 sq ft to Amazon have been satisfied and they have taken occupation. Amazon signed a new 15 year lease with rent reviews linked to CPI.
Andrew Jones, Chief Executive of LondonMetric, commented:
"We welcome Amazon and Michelin as key occupiers and look forward to working with them in the future.
"Omega South has been a highly successful development, completed within eight months of construction commencing and let within five weeks of completion. As we move onto our next development at Stoke we will look to leverage our occupier relationships to progress a full build out of the development."
LondonMetric was advised by DTRE and JLL at Omega South and by CBRE and Avison Young at Stoke.
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Tom Gough / Richard Gotla
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT (ticker: LMP) that aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in retail led distribution, out of town and convenience retail properties with a total of 12 million sq ft under management, the majority of which is in distribution. It employs an occupier-led approach with a focus on strong and growing income, asset management initiatives and short cycle development. LondonMetric works closely with retailers, logistics providers and leisure operators to help meet their evolving real estate requirements. Further information on LondonMetric is available at www.londonmetric.com