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LondonMetric secures £13.2m more in annual rental income
(Sharecast News) - LondonMetric Property said in an update on Monday that it has secured £13.2m in additional annual rental income this financial year through 122 lettings, regears, and rent reviews, including £5.5m since 30 September. The FTSE 100 company said it has signed 28 lettings and regears, adding £3.3m per annum in rent, with a weighted average unexpired lease term of 23 years, or 11 years excluding a Warwick Castle transaction.
Notable deals included lettings and regears on 12 urban logistics warehouses, which contributed £1.9m in additional rent per annum, reflecting an average increase of 39% against previous passing rent.
Marks & Spencer convenience store lettings in Weymouth and Lancashire added £1.5m in rent per annum, while a Warwick Castle regear contributed £0.8m as part of the financing for a new 62-bedroom hotel.
A regear of a 310,000 square foot regional warehouse leased to XPO Logistics extended the lease term by five years and added £0.4m in annual rent, a 36% increase over previous levels.
Development lettings of three drive-thru units to Popeyes, Burger King and Starbucks secured £0.3m per annum.
Additionally, the restructuring of three former LXi-owned Dobbies garden centres led to a £1.4m per annum reduction in rent, but the new leases now included turnover rent provisions with British Garden Centres.
The company also completed 94 rent reviews, generating £2.2m per annum in additional rental income, a 16% increase on a five-yearly equivalent basis.
Rent reviews in the logistics portfolio achieved an 18% uplift, with urban logistics assets delivering 24%.
"Our recent activity reflects the ongoing attractiveness of owning high quality assets in winning sectors where occupational demand is strong," said chief executive officer Andrew Jones.
"These transactions support our capital allocation decisions and are allowing us to maintain our very high occupancy rate, while keeping us on target to deliver £26m of additional rent over the 18 month period to March 2026."
At 0928 GMT, shares in LondonMetric Property were down 0.6% at 185.29p.
Reporting by Josh White for Sharecast.com.
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