(Reuters) - British retail space developer LondonMetric Property Plc expects logistics space to soon represent over 70 percent of its investment as newer developments complete and its portfolio grows, it said on Wednesday.
The company, which focuses on retailer-led distribution, convenience and out-of-town retail, said retailers were closing marginal stores and investing in flagship destinations to service ever-increasing online sales and consumer expectations.
“Retailers are prioritising distribution and fulfilment ahead of their stores, which is why we have repositioned LondonMetric’s portfolio from retail into logistics,” Chief Executive Andrew Jones said in a statement.
LondonMetric said its portfolio was valued at 1.54 billion pounds at March 31, with distribution accounting for an increased 64 percent while retail parks represented a reduced 13 percent.
Full-year EPRA earnings grew 5 percent to 51 million pounds.
Reporting by Esha Vaish in Bengaluru; Editing by Amrutha Gayathri