LondonMetric has added £8.5m to its annual rent roll since 31 March following a series of rent reviews and new lettings.
In a trading update, the company said it had settled 139 rent reviews since the end of March, delivering £5.7m of additional rent. This represents a 17% uplift on a five-yearly equivalent basis, with urban logistics reviews delivering an uplift of 25%.
The company has also signed 27 lettings over the same period, adding £2.8m of additional rent.
Key deals completed in the period included 106,000 sq ft of regears at three distribution warehouses in Havant, Greenford and Dudley, where the combined annual rent has increased by 51% to £1.4m and the WAULT has increased to more than 10 years; a 42,000 sq ft letting in Weymouth to M&S of a new full-line store on a 15-year lease at an annual rent of £0.9m; and a 36,000 sq ft distribution warehouse letting to Ferraris Piston Service (FPS) in Cardiff on a new 15-year lease at an annual rent of £0.4m.
Andrew Jones (pictured), chief executive of LondonMetric, said: “These are impressive results that underscore the attraction of owning quality assets in winning sectors. We continue to pivot the portfolio to take advantage of structural shifts driving income growth and benefit from having the wind at our back.”
