LondonMetric said yesterday that it has snapped up a portfolio of five M&S Simply Food stores for £26m, as it boosts its exposure to the booming convenience market.
The FTSE 250 retail and distribution warehouse speciality said the acquisitions come on top of a recent letting of 11,300 sq ft to M&S for 20 years at the company’s retail park in Tonbridge.
The deal has also increased its convenience portfolio to £49.7m, comprising of 10 properties let to retailers including Aldi, Boots and Iceland.
The acquisitions came as LondonMetric announced a record set of full-year results, driven by its shift away from investment in office and residential and towards retail distribution.
Profits for the year to 31 March increased by 27 per cent to £159.5m. The group delivered an 18.8 per cent return from its retail and distribution portfolio, while the value of its total portfolio rose by 14.8 per cent to £1.4bn.
The group also declared a special dividend of 2p per share.