LondonMetric buys and sells in East Mids
LondonMetric has bought the Hamleys warehouse at Castle Donington as part of a round of similar acquisitions across the country.
At the same time, the firm has sold its Wickes out of town retail unit in Nottingham for £5.2m. The property was acquired for £4.5m in November 2012, reflecting a yield on cost of 7.4%.
Andrew Jones, chief executive of LondonMetric, said: ”These acquisitions reflect our increasing investment into smaller logistic depots serving major conurbations, where there is growing demand for warehouse accommodation that can satisfy customers’ next day delivery requirements.
“This particular segment of the distribution sector is experiencing strong demand/supply tension and delivering organic rental growth. We continue to see other opportunities, particularly off market, and will grow our investment within this area.”
LondonMetric was advised by CBRE, Dowley Turner Real Estate and David Baroukh Associates.
