LondonMetric Property PLC ACQUISITION OF TWO URBAN LOGISTICS WAREHOUSES
RNS Number : 9709M
LondonMetric Property PLC
27 January 2021
27 January 2021
LONDONMETRIC PROPERTY PLC
ACQUISITION OF TWO urban LOGISTICS warehouses for GBP13
LondonMetric Property Plc ("LondonMetric") announces the
acquisition of two urban logistics warehouses in London and
Redditch for GBP13.2 million, reflecting a blended net initial
yield of 4.7%. The warehouses are let for 15 years and benefit from
RPI linked rent reviews.
In London, a 20,000 sq ft urban warehouse has been acquired for
GBP7.7 million. It is let at a rent of GBP0.35 million pa to Ford
as a service and parts centre and has been comprehensively
refurbished. The building has a low site density for London of 40%
and is located just outside the A406 North Circular in Alperton
between Perivale, Wembley and Park Royal.
In Redditch, a newly developed 46,000 sq ft urban warehouse has
been acquired for GBP5.5 million. It is let at a rent of GBP0.3
million pa to Heartbeat Manufacturing, a leading manufacturer and
distributor of display innovations. The BREEAM Very Good building
is located on a new logistics park 2 miles from the town centre and
close to the M42 / M40 junction.
Andrew Jones, Chief Executive of LondonMetric, commented:
"These are high quality urban logistics acquisitions let on long
leases with guaranteed rental growth. They are well located, in
good geographies where the underlying value of the land
significantly underwrites the purchase price."
LondonMetric was advised by Altus Group at Alperton and by FSP
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's
leading listed logistics platforms alongside a diversified long
income portfolio, with 16 million sq ft under management. It owns
and manages desirable real estate that meets occupiers' demands,
delivers reliable, repetitive and growing income-led returns and
outperforms over the long term.
Further information is available at www.londonmetric.com
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(END) Dow Jones Newswires
January 27, 2021 02:00 ET (07:00 GMT)