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Highlights:

  • LMP portfolio value rises to GBP 7.3 billion following Highcroft and Urban Logistics acquisitions
  • LondonMetric records GBP 106 million in asset disposals YTD, aligning with book values
  • LMP settles 59 rent reviews, adds GBP 3.1 million in annual rent through asset management

LondonMetric Property Plc (LSE:LMP) has released a trading update ahead of its Annual General Meeting, outlining the integration progress of two recent acquisitions, asset sales activity, rent review outcomes, and funding developments.

The company completed its acquisition of Highcroft Investment Plc on 21 May 2025 and Urban Logistics REIT Plc on 23 June 2025, expanding its total property portfolio value to GBP 7.3 billion as of 30 June 2025, up from GBP 6.2 billion at 31 March 2025. Net contracted rent has also risen to approximately GBP 410 million per annum, compared to GBP 340 million at the end of March.

As part of the Urban Logistics acquisition, LondonMetric has also completed the purchase of Urban Logistics' Investment Adviser business for GBP 7 million, with an additional GBP 1 million payable if performance targets are met. Five former employees of the adviser have now joined LondonMetric’s internal team.

Since its full-year results in May, LondonMetric has disposed of six assets for a total of GBP 42.6 million. The transactions included:

  • A 290,000 sq ft logistics warehouse in Sheffield, sold to an owner-occupier for GBP 26.0 million
  • Four former LXi assets, comprising two pubs, a nursery, and a Scottish retail asset, sold for GBP 15.4 million
  • A vacant former Highcroft office in Cardiff, sold for GBP 1.2 million

In total, 14 assets have been sold this financial year, realising GBP 106 million, in line with March 2025 book values.

Rental income growth has continued through asset management activities. Since 31 March 2025, GBP 3.1 million in additional annual rent has been generated.

  • 59 rent reviews settled added GBP 2.4 million pa, reflecting a 16% average uplift over previous rents
  • 17 logistics reviews delivered an average uplift of 22%, while open-market logistics reviews achieved 34% increases
  • New logistics lettings contributed GBP 0.7 million pa, with lease regears achieving a 51% uplift compared to earlier rents

Occupier demand across the portfolio is described as steady, contributing to favourable rental outcomes.

As part of the two acquisitions, LondonMetric assumed GBP 484 million in secured debt, with an average drawn interest rate of 4.26%. The company now has GBP 1.0 billion in available debt facilities, allowing for flexibility in future financing and refinancing needs.

Additionally, LondonMetric published a GBP 3 billion Euro Medium Term Note (EMTN) Programme on 4 July 2025, building on its BBB+ credit rating. 

LondonMetric Property is a UK-based REIT focused on owning and managing real estate assets that deliver income-led returns. Its portfolio spans logistics, long income, and urban retail sectors, with operations concentrated on assets that benefit from structural tailwinds such as e-commerce and urbanisation.

Following the release of the update, LMP shares were trading 0.51% higher at GBX 195.60 as of 9 July 2025.