LondonMetric adds £2.4m in annual rent

LondonMetric Property said it has undertaken 62 occupier initiatives since the end of September, adding £2.4m of annualised rent.

These included lettings and lease regears on 24 assets adding £1.9m of rent per year and rent reviews on 38 assets adding £0.5m of rent.

“We continue to see strong occupational activity across our portfolio from a very wide range of industries. This is allowing us to capture significant rental increases as well as negotiate longer lease lengths on shorter dated income,” said Andrew Jones, chief executive.

“Over the next six to 12 months we expect to settle a high number of rent reviews and we are well on track to capturing the £8m of logistics rental reversion that we identified at the time of our last results."

Reporting by Frank Prenesti for Sharecast.com