LondonMetric spends €41m on 3 urban warehouses

UK REIT LondonMetric Property has acquired three urban logistics warehouses in the UK for a total £35.4 mln (€41.3 mln).

The properties were purchased in separate transactions, reflecting a blended NIY of 4.4% and a reversionary yield of 4.9%.

The assets generate a rent of £1.7 mln p.a. with 83% of the income subject to RPI or CPI linked rent review. The warehouses have a WAULT of 15 years.

The biggest of the three properties is a 130,000 sq ft (12,000 m2) warehouse in Worthing, acquired for £19.0 mln through a sale and lease back transaction with Bowers & Wilkins, an audio technology firm.

The other two are a 50,000 sq ft asset in Uckfield, acquired for £10.3 mln and let to John Lewis, and a 47,000 sq ft property in Exeter acquired for £6.1 mln and let to Jewson.

Andrew Jones, CEO of LondonMetric, commented: ‘These urban logistics assets are in good locations and let on long leases with certainty of income growth. We are continuing to find attractive opportunities for redeploying capital into our preferred sectors of urban logistics and grocery-led long income.’


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