FTSE250 property investor snaps up £9.5m warehouse

FTSE250 property investment firm LondonMetric has acquired two regional warehouses, including one in Wakefield, for a combined £16m.

The Wakefield site, a 120,000 sq ft site let to One Stop Stores, a 100% owned subsidiary of Tesco, cost LondonMetric £9.5m, whilst a site in Dartford set it back £6.3m.

It said this reflected a blended net initial yield of 5.8%.

The One Stop Stores site serves the North of England and Scotland, which account for half of One Stop’s 750 convenience store estate. The next open market rent review is in April 2018.

At Dartford, LondonMetric has acquired a well specified 49,000 sq ft last mile warehouse.

JLL acted for LondonMetric and DTRE acted for the vendor on Wakefield. Strutt & Parker advised on Dartford.

Andrew Jones, chief executive of LondonMetric, commented: “The urban logistics and convenience sectors continue to grow rapidly, as shopping patterns evolve and customers migrate towards internet and convenience shopping. The strong demand for well-located logistics assets is part of their ambition to meet increasing delivery demands.”

 

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