LondonMetric plans £175m raise to fund warehouse shopping spree

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Arehouse homeowners Londonmetric Properties has outlined plans to raise £175 million on a buying spree, a move that will help capitalize on strong demand for the space.

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The FTSE 250 firm, which plans to raise funds through share holding and retail offering, gave the update as chief executive Andrew Jones predicted that the high business need for storage and distribution properties would persist beyond the pandemic.

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Online retailers are among the firms that have received a large quantity of orders during the lockdown.

Jones said: “The e-commerce background remains attractive, based on insatiable consumer expectations and supply chain challenges that are forcing businesses of all shapes and sizes to improve their infrastructure and become more efficient. “

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Boss added: “In a market already severely lacking high-quality warehouse space, it has all the ingredients for long-term and experienced investors to continue to outperform.”

In the six months to September, Londonmetric reported net rental income of £63.5 million, up 3.6% from a year earlier.

The group intends to use “to fund a program of acquisitions and developments” that are either committed or under proposal.

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