LondonMetric’s property portfolio value has grown by £1bn over the past year, as the UK’s hot property market boosts the firm.
The FTSE 250 real estate investment trust’s profit has also rocketed in the year to 31 March, increasing an eyewatering £477.2m, in comparison with the same period last year, to a total of £734.5m.
The trust has also secured £130m in rental income over the past 12-months, up over £10m in comparison with a year prior, as it reaps the rewards of exploding rents in the capital.
It comes as the firm poaches its latest board member, Alistair Elliott, from Knight Frank, who was most recently senior partner and chair of the executive board.
LondonMetric has doubled down on urban logisitics spaces in recent months, having seen a surge in demand of businesses looking to bring their supply chains closer to home amid the pandemic, and post-Brexit.
The London-headquartered firm’s portfolio, which hosts over £3bn in assets, is now heavily weighted towards logistics spaces such as warehouses.
“Our strong set of results continues to reflect the many years of forward planning that has seen us pivot into assets that benefit from the structural shifts. After all, the macro is far more important than the micro,” chief executive Andrew Jones said in a statement.
“Despite the uncertain global backdrop, demand for warehousing remains both broad and deep, with online operations competing with businesses who are reacting to global trade disruptions by onshoring more of their operations and building up inventories to avoid being caught out by supply disruption. Previously we have talked about globalisation and just in time. Today it’s increasingly about localisation and just in case.”