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LondonMetric Property ups dividend, signs new distribution contracts

Last updated: 08:52 10 Jun 2020 BST, First published: 07:43 10 Jun 2020 BST

LondonMetric Property PLC - LondonMetric Property ups dividend, signs new distribution lettings contracts

LondonMetric Property PLC (LON:LMP) raised its full-year dividend while confirming the portfolio is performing well during the pandemic.

The property owner has been focusing on the logistics sector, which now represents 70% of its assets.

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

With online food sales expected to grow by 26% this year compared to a 9% forecast, the firm said the sector has good prospects.

In the year to March 31, net rental income jumped 21% to £115mln, though the net asset value per share dipped 2% to 171.7p per share. The dividend was upped to 8.3p from 8.2p last year.

In a separate announcement, the landlord said it recently exchanged contracts on 213,000 square feet of distribution space with four companies, generating an uplift in rent of £1.4mln per annum.

"We think COVID-19 now accelerates the shift to online, increasing occupier requirements for warehouse space," analysts at Liberum commented.

"Our analysis conservatively suggests an additional 150m sq ft of industrial space could be required to support online demand over the next 10 years."

Shares rose 1% to 214.6p early on Wednesday.

--Adds analyst's comment, shares--

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