LondonMetric (LMP) is a UK REIT admitted on the Official List and to trading on the Main Market of the London Stock Exchange (“LSE”) on 28 January 2013 as a result of the merger between London & Stamford Property plc (LSP) and Metric Property Investments plc (METP). LSP was admitted to the Official List and trading on the Main Market of the LSE on 1 October 2010, and prior to that traded on the AIM market of the LSE from 7 November 2007, and METP was admitted to the Official List and trading on the Main Market of the LSE since its IPO on 24 March 2010.
LondonMetric aims to deliver attractive returns for shareholders through a strategy of increasing income and improving capital values. It invests across the UK in Retail and Distribution properties as well as Greater London real estate opportunities. It employs an occupier-led approach to property investments through opportunistic acquisitions, joint ventures, active asset management and short cycle developments. The asset focus is on properties with enduring occupier appeal providing opportunities to improve both rental values and the security and longevity of income; and limited risk redevelopments with the aim of enhancing shareholder returns.



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LondonMetric Property Fundamentals (LMP)

LondonMetric Acquires Multiplex Cinema Portfolio

LondonMetric Property Plc ("LondonMetric") announces that it has exchanged contracts to acquire a portfolio of ten out of town Odeon multiplex cinemas from Odeon Property Group LLP for £80.6 million (net of corporate acquisition costs). The acquisition will be funded by a term facility of £43.5 million provided by Lloyds Bank plc.

The portfolio is let to Odeon Cinema Limited for a remaining term of 24.9 years with no breaks and is subject to annual rental increases of between 1% and 5% linked to the annual RPI index. The total initial rental income is £5.9 million per annum.

The cinemas comprise 384,220 sq ft and are located in: Chelmsford, Derby, Huddersfield, Lee Valley (London), Merryhill (Dudley), Preston, Tamworth, Taunton, Telford and Warrington. They either adjoin or are in close proximity to a retail park or shopping centre, and in 2012 attracted a combined attendance of 3.8 million visits.

March2014 . . . Added the Distribution Warehouse of Oak Furniture Land, in Swindon: yielding ~6.5% on the investment...see RNS . -DYOR-
LMP sp ~£1.44 - so I'm in +ve territory, just.

Whats your thoughts on this now skinny, with a 5.5p div + 2p special div.
Edit: 3.5p + 2 p special div.

I no longer hold, but it still looks reasonable - yield @4.12%.

StockMarketWire.com
LondonMetric Property has sold the DFS property in Enfield for £24.5 million (LondonMetric share £7.5 million) on behalf of its DFS joint venture.

The unit is let at a rent of £1.7 million pa and the sale to a large UK institution reflects a NIY of 6.6%. The JV acquired the 32,000 sq ft property in March 2014 as part of a portfolio of 27 DFS stores from the administrators to Delphi Properties Limited, off an overall NIY of 9.3%. The sale crystallises a profit on cost of 19% and a geared IRR of 30%.

Separately, LondonMetric announced that it has also sold its Watling Retail Park in Cannock for £7.5 million to a UK institution reflecting a NIY of 6.15%.

The 25,000 sq ft retail park was developed by LondonMetric in November 2012 off a yield on cost of 8.6%. It is fully let to DFS, Carpetright and Porcelanosa with a remaining WAULT to break of 13.3 years. The disposal crystallises a profit on cost of 32% and a geared IRR of 31%. LondonMetric advised the JV on Enfield and Strutt & Parker advised LondonMetric on Cannock.

Chief executive Andrew Jones said: "We view the retail property sector opportunistically and will recycle assets which have delivered on their business plans. Both of these assets have generated very strong returns for us and we will continue to capitalise on the high demand from institutions for strong, well-let real estate."

Half Year results due 26 Nov 2015.

StockMarketWire.com
LondonMetric Property has exchanged on the sale of its Odeon Multiplex Cinema in Preston for GBP10.2 million to Blackrock UK Long Lease Property Fund reflecting a net initial yield of 5.75%. The ten screen, 33,000 sq ft cinema is let to Odeon Cinemas Ltd for a remaining term of 23 years. The lease is subject to annual rental increases of between 1% and 5% linked to RPI. The property formed part of a portfolio of ten Odeon Multiplex Cinemas acquired by LondonMetric in November 2013 at an overall net initial yield of 7.2%. It continues to own seven Odeon cinemas and one Vue cinema with an average lease length of 22 years.

Ex-divi Thurs 17th March 2016 (2.6p + 1.15p)

Numis today reaffirms its hold investment rating on LondonMetric Property (LON:LMP) and cut its price target to 164p (from 166p).

LondonMetric Property will announce its results for the year ended 31 March on 1st June 2016.

StockMarketWire.com
LondonMetric Property has acquired two convenience assets in Matlock and Leicester and a development site in Ipswich for a total cost of GBP16.2 million, reflecting a net initial yield of 7.0%.

In Ipswich, LondonMetric has acquired a three acre site from Tesco, where it intends to develop a new 30,000 sq ft retail park; 20,000 sq ft has been pre-let to Wickes. The development is expected to complete in summer 2017 at a total cost of £8.0 million, reflecting an anticipated yield of 7.7%.

In Matlock, LondonMetric has acquired a 22,000 sq ft store and pre-let 13,000 sq ft to M&S, reflecting a yield of 7.0%. Terms are agreed on the remaining space.

In Leicester, LondonMetric has agreed to buy an 18,000 sq ft development pre-let to Aldi, reflecting a yield of 5.8%. Practical completion is expected in August 2016. The weighted average unexpired lease term of the three lettings is 18.4 years.

StockMarketWire.com
LondonMetric Property's JV with Universities Superannuation Scheme Ltd, known as Metric Income Plus Ltd Partnership, has sold its retail parks in Bridgwater, Chatham and Grimsby for GBP15.9m.

LondonMetric's share of this sum, which reflects a blended NIY of 5.7%, is GBP8.0m.

The 33,000 sq ft Range store in Bridgwater has been sold to an international investor for £4.9 million, reflecting a NIY of 5.1% rising to 5.7% in 2018. The newly developed store was acquired in 2013 at a NIY of 6.8% and has an unexpired lease term of 17 years. The 26,000 sq ft Wickes store in Chatham has been sold to clients of Knight Frank Investment Management (KFIM) for £6.9 million, reflecting a NIY of 5.64%. The store was acquired in 2013 at a NIY of 7.0%. The 21,000 sq ft Wickes store in Grimsby has been sold to an international investor for £4.1 million, reflecting a NIY of 6.4%. The newly developed store was acquired in 2015 on a forward commitment basis at a NIY of 7.2%.

StockMarketWire.com
LondonMetric Property has purchased a four acre site in Crawley to develop approximately 100,000 sq ft of prime distribution space at a cost of c£20 million, reflecting a yield on cost of c6.3%.

Located on a prime South East urban logistics estate less than one mile from Gatwick Airport, the site has been purchased for GBP7.6 million. Planning for the new scheme is expected by the end of this year with build completion anticipated in the first quarter of 2018. The scheme is expected to generate a rent of GBP1.3 million p.a.

StockMarketWire.com
LondonMetric Property's recurring profits increased 19% to GBP48.5 million in the year to the end of March with the group delivering substantial earnings growth through its focus on retail distribution.

EPRA earnings totalled £48.5 million or 7.8p per share while net rental income rose 10% to £77.7 million. Contracted income up to £87.1 million.

Other highlights:

- £11.7 million pa of new rental income from 1.9 million sq ft of completed developments and £3.5 million pa from asset management transactions

- 3.1% like-for-like income growth and 6.4% ERV growth

- Full year dividend of 7.25p per share, 107% covered. Change to quarterly dividends with next payment of 1.8p per share expected October 2016

Chief executive Andrew Jones said: "Our focus on growing our income has delivered a substantial increase in EPRA earnings during the year and we will continue to grow our repetitive and predictable income further. As yield tranquillity sets in, the compounding impact of this repetitive effect is becoming increasingly attractive.

"Distribution is the best performing retail sub sector driven by rapidly changing consumer shopping patterns and the need for retailers to continually invest in their distribution capabilities to remain competitive. Since merger, we have consciously increased our distribution exposure from 20% to 54% of the portfolio by value, and this is set to grow further, capitalising on this trend and building on our retailer relationships.

"We continue to experience strong structural demand/supply dynamics in this sub sector and our 2.0 million sq ft distribution development programme will help to deliver sustainable earnings and income growth as well as incremental returns.

"Our portfolio metrics are as strong as ever and we remain highly disciplined in our investment approach."

LondonMetric Property also announced that Andrew Livingston has joined the board as an independent non-executive director with effect from 31 May. He also joins as a member of the Audit Committee. Livingston has been the Chief Executive of Screwfix since 2013

Another one being hit by the Brexit vote. Possibly it bit unjustified as their portfolio is nationwide, though partly exposed to London commercial property. Yield looking very attractive.

Possibly, HARRYCAT though the StockMarket fears that BrExit will move some Companies to down-grade any expansion plans - and some may leave!
The net result is that any deals "now" are UNlikely to be in the Property-Market's favour, as was the situation for many years.
LMP has many clients with good business models and in the short-term the ability to pay rents ( London-rents?), but over a few years there could be a minor fall-back.
Yet long-term UK will have to demonstrate this is a minor-glitch and our ability to work our passage in the World-Trade is "better for leaving".

Almost back to pre-Brexit level.

Numis today reaffirms its hold investment rating on LondonMetric Property (LON:LMP) and cut its price target to 150p (from 160p).

StockMarketWire.com
LondonMetric Property has sold a retail park in Warrington for £6.6 million, at a NIY of 5.4% and acquired an 89,000 sq ft distribution warehouse in Hemel Hempstead for £8.3 million, at a NIY 6.4%.

The Fordton retail park in Warrington comprises 20,200 sq ft and is let to Aldi, Greggs, Betfred, Barnardo's and Costa.

There is an adjoining pub which has recently been developed and sold off on a long leasehold.

The weighted unexpired lease term is 14.8 years. The sale is marginally ahead of March 2016 book value. In Hemel Hempstead, the recently refurbished distribution warehouse is located on Maylands Business Park, close to J8 of the M1 and J21A of the M25. The warehouse is let to ITAB, the shop concept company, at a rent of £6.24 psf and has an unexpired lease term of 8.3 years. The next rent review is in December 2019. Chief executive Andrew Jones said: "We continue to recycle equity from our mature retail parks into well located logistics assets, which we are confident will benefit from the ongoing structural changes impacting occupiers and deliver superior rental growth."

LONDONMETRIC £130 MILLION PRIVATE PLACEMENT

LondonMetric Property Plc ("LondonMetric" or "Company" or "Group") announces that it has entered into a £130 million private placement at a blended fixed rate coupon of 2.70% and a weighted average maturity of 8.3 years ("Private Placement").

The Private Placement was placed with US and UK institutional investors in three tranches:

· £65 million 2.62% Senior Notes due 2023;
· £40 million 2.72% Senior Notes due 2024; and
· £25 million 2.88% Senior Notes due 2028 ("Notes").

The proceeds of the Private Placement will be used to pay down some of the debt drawn under the Company's existing unsecured credit facility, which will remain available to draw in full. The Notes have the same financial covenants as the unsecured credit facility.

As a result of the Private Placement, the Group's weighted average debt maturity as at 30 September 2016 is expected to increase to 5.7 years.