In QuotedData’s morning briefing 6 March 2024:
- CVC Income & Growth (CVCE) has announced that 50,000 shares were issued as a result of its March 2024 tender. CVCE currently has 96.6m shares in circulation, 52.7m of which are held in treasury.
- The merger of LondonMetric Property (LMP) and LXi REIT (LXI) has completed. A total of 942,960,279 new LondonMetric ordinary shares have been admitted. The merged company has a portfolio worth £6.2bn and a market cap of around £3.9bn.
- Separately, LMP has announced the acquisition of a 213,000 sq ft logistics development for £13.0m. The development is located on a 20 acre site at Radway Green, Crewe, and consists of five units ranging from 18,000 to 60,000 sq ft. The developer Marshall CDP will take a three year leaseback of the site and pay a rent of £1.5m, reflecting a net initial yield of 11%. Upon letting of the development, LondonMetric will pay CDP an overage payment based on a fixed percentage of the difference between the initial purchase price and open market value. Based on a market rent of £1.8m, LondonMetric expects to achieve a yield on cost of 8%. LondonMetric also announced that it has sold two non-core assets for £5.9m at a 5% premium to the valuation as at 31 December 2023. The assets comprise the 37,000 sq ft B&Q unit in Burnley (let for a further seven years and acquired as part of the CT Property Trust portfolio in August 2023) and a 20,000 sq ft vacant office in Halesowen acquired as part of the Mucklow portfolio in 2019. Following these sales, LondonMetric has sold £184m of assets so far this financial year ending 31 March 2024.