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LondonMetric Property Plc (“LondonMetric”) announces that it has acquired Burlington Retail
Park in South West London for £28.3 million from a large UK institution.
The 51,500 sq ft unit in New Malden, South West London, is located next to the A3 and is
majority let to Dixons Carphone operating their 3 in 1 Megastore format with a 5,000 sq ft unit
let to Dreams.
The investment will now generate a revised total income of £1.85 million pa with a WAULT of
14.4 years (9.8 years to break).
Andrew Jones, Chief Executive of LondonMetric, commented:
“This investment is in line with our strategy of acquiring logistics and convenience retail assets
in the strongest locations and with high occupier contentment. It provides us with a very
attractive yield on cost with the certainty of future income growth and the comfort of a high
intrinsic land value.
“This is an outstanding trading location and we look forward to working with both occupiers
to maximise the full potential from the property.”
LondonMetric was advised by Cortex and Curzon Sowerby. The vendor was advised by
Savills.
-Ends-
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 specialises in retailer-led distribution,
convenience and out of town retail with a focus on strong and growing income and adding
value through asset management initiatives and short cycle developments. LondonMetric
has 12 million sq ft under management and a high proportion of its assets are in retailer-led
distribution. Further information on LondonMetric is available at www.londonmetric.com
Distributed by Pressat
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