| Item | 2014 result (£) | % year on year rise |
|---|---|---|
| Profit | 159.5m | 27 |
| EPRA earnings | 40.9m | 55 |
| Portfolio value | 1.4bn | 14.8 |
| Gross rental income | 74m | 19.5 |
LondonMetric has posted a 27% profit increase to £159.5m and an EPRA earnings rise of 55% to £40.9m over the year ended 31 March.
Its portfolio is now valued at £1.4bn, an increase of 14.8% over the year. Gross rental income increased by 19.5% to £74m, including joint ventures.
Investment activity over the period totalled £597.6m, which included the acquisition of 20 assets for £308.9m – a 6.2% collective yield.
During the period the company disposed of £288.7m of assets, a 5.2% yield. These disposals included the £138.8m sale of office scheme One Carter Lane, EC4.
Chairman Patrick Vaughan said: “The strong performance over the past year is the result of our ability to align the business to the winning segments within retail, specifically distribution and convenience shopping. Distribution is now our largest sector and this will increase as our existing and pipeline developments progress.”
Separately, LondonMetric announced today that it had assembled a portfolio of five M&S food stores for £26m to add to its convenience retail portfolio.
It also said it had simultaneously regeared the leases on four of the properties to new 20-year leases, and the fifth property will consist of two shops let to M&S for 15 years and Aldi for 20 years.
The five shops have a WAULT of 19.2 years and an annual rental income of £1.5m overall. They are located in the Isle of Wight, Liverpool and Ferndown, Dorset and have an average size of 16,400 sq ft.
This brings LondonMetric’s convenience retail portfolio to £49.7m in total, comprising ten let properties to retailers including Aldi, Boots, Iceland and M&S, with an WAULT of 15.9 years and with 63% of income subject to fixed uplifts or RPI increases.
