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LondonMetric Property PLC on Tuesday said it has added £2.4 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 £1.9 million, and rent reviews on 38 assets, adding £500,000 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 £800,00, 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 £8 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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