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LondonMetric Property completes upsized £120mln placing for expansion as pandemic impact throws up opportunities

LondonMetric Property PLC (LON:LMP), the warehouse and distribution site specialist, said it had inc..

LondonMetric Property PLC (LON:LMP), the warehouse and distribution site specialist, said it had increased the size of Tuesday's placing to £120mln, up from an initial level of approximately £100mln in light of the exceptional level of demand received both from existing investors and potential new holders.

The group said the successfully completed fundraise saw a total of 66,666,666 new ordinary shares placed by JPMorgan Cazenove and Peel Hunt at a price of 180.0p each, representing, in aggregate, approximately 7.9% of LondonMetric's issued ordinary share capital prior to the placing.

The placing price represented a discount of 1.5% to the group's closing share price on May 4 of 182.7p. LondonMetric shares closed trade on Tuesday, at 192.60p, up 5.4%.

The company said the funds raised will be used on an extensive pipeline of acquisition opportunities thrown up by the coronavirus pandemic. It said it continues to expect to substantially deploy the net proceeds within three months.

In a statement announcing the placing result, Andrew Jones, the FTSE 250-listed REIT's chief executive officer, commented: "We are extremely grateful to our shareholders and to new investors for their strong support and the exceptional level of demand for this capital raise. The funds raised will allow us to execute on our quality pipeline of deals and opportunities as we continue to further strengthen our portfolio's long term income characteristics."

Results solid

LondonMetric also reported its full-year results on Tuesday in which it reiterated that it will pay a fourth-quarter dividend of 2.3p to make 8.3p in total for the year, up from 8.2p a year earlier.

The group's portfolio currently is worth £2.3bn and comprises 35% in urban logistics, 34% in regional and big-box sites and 24% in long inRead More – Source




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