LONDON (ShareCast) - (Sharecast News) - Real estate investment trust Londonmetric announced plans to raise up ?100m of fresh equity in order to capitalise on opportunities presented to it as a result of the Covid-19 pandemic.
Londonmetric, which confirmed its fourth-quarter dividend of 2.3p per share, for a full-year payout of 8.3p, said uncertainties created by the coronavirus outbreak had created "quality investment opportunities" that were "seldom available in a normalised market".

In 2019, the company paid out 8.2p in dividends.

The FTSE 250-listed group will use ?60m to fund the acquisition of a long income portfolio of five assets, while ?10m will go on a sale and leaseback deal with an unnamed convenience store and ?30m would be set aside for an urban logistics warehouse in London.

Londonmetric also noted that earnings per share for the year ended 31 March were up 6% at 9.3p, while net rental income was 24% higher to ?116m. The group's net asset value dipped to 172p from 175pp.

As of 0850 BST, Londonmetric shares were up 2.96% at 188.10p.

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