LondonMetric Property has been assigned a first time long-term issuer default rating of BBB+ by Fitch Ratings.
The rating comes with a stable outlook and a senior unsecured rating of A-, and applies to LondonMetric’s existing US private placement notes.
Finance director Martin McGann said the rating “gives us greater optionality for future debt issuances and will allow us to benefit from more attractive financing rates in the future”.
In its own note on the rating, Fitch said: “The ratings reflect an all-UK core distribution logistics property portfolio of £2.8bn at end-September 2024, weighted towards urban logistics, with proven rent reversion, high occupancy and long leases. These types of assets are core to a retailer’s or distributor’s logistics network, as shown by this portfolio’s high 90% tenant retention rate.”
LondonMetric was advised on the credit rating by Rothschild & Co.
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