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Investing.com - LondonMetric Property PLC (LON:LMP) (OTC:LNSPF) has received an Overweight rating as JPMorgan resumed coverage with a price target of GBP2.15.
The rating follows LondonMetric’s recent acquisitions of Urban Logistics REIT and Highcroft, which added £1.2 billion in assets to the company’s portfolio, now valued at £7.4 billion—more than double its £3.2 billion valuation from two years ago.
JPMorgan notes that the Urban Logistics REIT acquisition increases LondonMetric’s logistics exposure to 55% from 46%, with urban logistics now representing 41% of the total portfolio, which the firm considers a "conviction call."
The investment bank projects 3% annual EPS growth for LondonMetric, supported by rental reversion upside and cost synergies, with the company maintaining the lowest EPRA cost ratio in its sector.
LondonMetric offers a 7% dividend yield with a 10-year history of dividend progression, with JPMorgan expecting the UK property sector to "re-rate higher on continued operational resilience and alleviating rate headwinds" over the next 12-18 months.
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