Tesco’s Bolton logistics warehouse sold for £24.4m

Tesco’s logistics warehouse in Bolton has been sold by LondonMetric Property for £24.4m, reflecting a net yield of 5.35%, to an unnamed buyer

The 274,000sq ft facility was acquired as part of the £117m Cabot logistics portfolio in August, 2017.

The unit is let to Tesco for a further four years at a rental of £1.395m pa, off £5.27 psf.

LondonMetric continues to retain the remaining 13 logistics assets from the Cabot portfolio of which 11 are urban logistics.

LondonMetric chief executive said: “Consumer shopping patterns in food retailing continue to evolve quickly and so in response to strengthening investor appetite for logistics assets over the last few months, we have decided to monetise this asset.

“In line with our strategy, we will recycle the proceeds into our growing urban logistics portfolio and our development pipeline which offer more attractive yields and greater certainty of growth.”

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