LondonMetric has posted a 13.8% EPRA NAV increase to 147p per share in the year to the end September 2015.
The company’s portfolio is valued at £1.5bn. Its average unexpired lease term has increased to 13.4 years.
It has raised £120m in sales, allowing it to make £87.8m of purchases and develop 1.9m sq ft with another 1.4m sq ft in the pipeline.
LondonMetric made two acquisitions post-period totalling £58.8m, which included the forward funding of a shed in Warrington announced today.
The 356,000 sq ft warehouse will be built at Omega South’s logistics hub adjacent to LondonMetric’s recently completed 690,000 sq ft warehouse, let to The Hut Group, and is expected to generate a rent of £2.2m pa.
LondonMetric chief executive Andrew Jones said: “Black Friday and Cyber Monday are timely reminders of the structural changes taking place in the retail sector as consumers continue to change the way they shop.
“This is strengthening the demand dynamics for well-located distribution space as the growth in retailers’ omni-channel strategies continues to soak up constrained market supply.
“This increasing tension is leading to rental growth, which supports our early move into retail logistics.”
He added that as “clicks erode bricks”, retail assets faced future challenges, and pointed to LondonMetric’s focus on owning assets with deep occupier appeal that can deliver future income.
