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19 May 2021 | 09:19am StockMarketWire.com - LondonMetric Property said it had acquired a logistics warehouse in Waltham Cross for £43.8 million through a sale and lease back transaction. The warehouse is let to Reynolds, a national foodservice business, on a new 23 year lease with the benefit of CPI+1 linked rent reviews of between 2-to-4%. The property generates a rent of £1.6 million per annum which is just under 10% below market rent, the company said. There are no lease incentives as part of the sale and leaseback and the contractual rent reviews will increase the purchase net initial yield from 3.5% to an expected 4.0% after five years, it added. ....
4 May 2021 | 07:56am StockMarketWire.com - Property company Londonmetric Property said it had concluded its £380 million private debt placement and completed two new revolving credit facilities totalling £400 million. The two new revolving credit facilities included a 175 million facility for a five year term with two plus one year options with Wells Fargo; and a £225 million facility for a three year term with two plus one year options with NatWest, Barclays, HSBC and Santander. Taken together with the placement, the company has completed £780 million of new debt, replacing the existing £444 million RCF due to mature in April 2022 and two bilateral loans with Wells Fargo of £75 million and HSBC of £75 million, the company said. ....
“These refinancings lengthen our debt maturity and reduce our overall cost of borrowing. LondonMetric Property PLC (LON:LMP) said it had completed a £780mln debt refinancing with lower interest and a longer maturity period. The new loan note and revolving credit facility replaces the previous arrangement and see debt maturity increase by 4 years to 8.2 years and the average cost of debt on a drawn basis drop to 2.6% (2.9%). Martin McGann, LondonMetric’s finance director said: We have undertaken very significant refinancings of our debt position and are delighted with the support shown by our RCF lenders and the increased diversification of our private placement investors in North America and the UK. ....
23 April 2021 | 12:05pm StockMarketWire.com - The FTSE 100 was down 0.4% to 6,907.48 by midday as investors continued to weigh Covid risks and even as US futures markets suggested a recovery on Wall Street later. US stocks were materially weaker on Thursday on the Biden administration s latest tax plans. Back in the UK, retail sales jumped by 5.4% in March from February, the Office for National Statistics said. Public transport company FirstGroup rose 11.5% to 96.85p after entering into an agreement to sell its First Student and First Transit businesses to EQT Infrastructure for £3.3 billion. The company proposed to return about £365 million of the proceeds, about 30 pence per share, to shareholders during the current calendar year. ....