LondonMetric has reported a pretax loss in the first half of its financial year after posting a decline in its portfolio valuation.
It posted a pretax loss of £13.1m in the six months to 30 September, compared with posting a profit of £64.3m in the previous year.
This came as it reported a revaluation deficit during the period of £23m, causing the value of its investment portfolio to decline to £1.48bn, from £1.52bn.
There was a 1.9% like-for-like growth on its core portfolio and rent reviews were 4.8% above previous passing rent.
The group has re-aligned its investment focus to last mile distribution hubs in the last six months, reducing investment in retail parks and the London residential sector where it made £82.2m of disposals.
Chief executive Andrew Jones, said: “Our income is structurally supported by our investment in the winning sectors and we continue to draw on our deep occupier relationships to make the correct investment decisions and create value. We have continued to sell down our mature retail parks and have further sharpened our focus on the distribution sector, which offers higher growth opportunities. In particular, we have grown our last-mile distribution portfolio where we are capitalising on attractive demand/supply dynamics arising from consumer delivery demands for instant gratification.”
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