LondonMetric adds to convenience retail with approx. €36 mln acquisition of M&S simply food portfolio

LondonMetric Property Plc, in partnership with Marks & Spencer (M&S), has assembled a portfolio of five M&S Simply Food stores for £26 mln (approx. €36 mln) to add to its convenience retail portfolio.
It has simultaneously re-geared the leases on four of the properties to new 20 year leases, and the fifth property will consist of two units let to M&S for 15 years and to Aldi for 20 years.
The five properties have a WAULT of 19.2 years and an overall rental income of £1.5 mln (approx. €2 mln) pa, subject to contractual uplifts. The purpose built foodstores are situated across various locations in England including the Isle of Wight, Liverpool and Ferndown, and the average property size is 16,400 ft² (approx. 1500 m²).
Following these acquisitions, LondonMetric’s convenience retail portfolio will increase to £49.7 mln (approx. €69 mln), comprising ten properties let to retailers including Aldi, Boots, Iceland and M&S, with a WAULT of 15.9 years and with 63% of income subject to fixed uplift or RPI increases.
Source: LondonMetric