Mega warehouse sold in £80.8m deal

LondonMetric Property has completed a huge warehouse deal in Newark to the tune of £80.8 million.

The property giant has sold a 726,000 sq ft mega warehouse in the Nottinghamshire town to an international investor. It acquired the premises, which is currently let to Dixons Carphone, for £68.5 million in 2014.

Dixons Carphone will continue to occupy the unit for a further 14 years at a rent of £6.00 psf.

The deal is one of four big transactions LondonMetric has announced today (20 December). Alongside the Newark deal, it has sold two warehouses in Doncaster for £51.2 million (£47.9 million at share) and a 152,000 sq ft regional distribution warehouse in Rotherham for £13.3 million.

Andrew Jones, chief executive of LondonMetric, said: “We have taken the opportunity to respond to global investor demand for distribution warehousing to monetise some of our larger assets in geographies where we expect income growth to be more muted. The sales further improve the income diversification of our largest occupiers and provides headroom to invest further into urban logistics, which continues to offer superior income growth prospects.”