LondonMetric adds £8.5m of extra rent

LondonMetric has completed more than 160 leasing deals in the past six months, adding some £8.5m of rent to its portfolio. The group said it had settled 139 rent reviews since 31 March 2024, delivering £5.7m of additional rent. The new deals represent a 17% uplift on a five-yearly equivalent basis, said LondonMetric, with urban logistics reviews delivering an uplift of 25%. It has also signed 27 new lettings over the same period, adding £2.8m of additional rent. Lettings activity has focused on LondonMetric’s logistics and retail warehousing assets. Recent deals include 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; a 42,000 sq ft letting in Weymouth to Marks & Spencer on a 15-year lease at an annual rent of £900,000; a 36,000 sq ft distribution warehouse letting to Ferraris Piston Service in Cardiff on a new 15-year lease at an annual rent of £400,000; a 25,000 sq ft letting to Sainsbury’s Bromsgrove on a 10-year lease at £500,000 per annum, some 24% higher than previous tenant Homebase; and two lettings to Howdens and Tapi of recently vacated warehouses in Dulwich and Old Kent Road at a combined rent of £500,000. Chief executive Andrew Jones 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.”