LondonMetric collects almost all of rent due, as warehouse property remains in demand

LondonMetric Property, the warehouse landlord that has seen high demand for space during the pandemic, has collected almost all of its March rents.

The FTSE 250 company which counts logistics firms and furniture chains among its tenants, has seen a number of customers seek more space to cope with a wave of new online shoppers won over the last year.

It said that 98% of the March quarterly (March 25- June 24) and monthly rent due has been collected, with a further 0.8% expected imminently.

The company, led by Andrew Jones, added that for the year to March 2021, a total of £114.1 million rent was owed, of which 98.1% has been collected or is being collected.

Earlier this month property agent CBRE said a record amount of UK logistics space was under offer at the end of the first quarter, totalling 16 million square feet.

A year earlier the figure was 11.5 million square feet under offer.