Speke warehouse acquired by LondonMetric as part of £47.6m deal

A new logistics warehouse at Speke on Merseyside has been bought by LondonMetric Property as part of a double acquisition totalling £47.6m.

The building is a 132,000sq ft regional warehouse let to Gefco, on a new 15-year lease, at a rent of £5.15 psf subject to five yearly RPI linked reviews of between 2% and 4%.

Gefco is a global logistics company with an annual turnover of over €4bn.

LondonMetric’s second acquisition is a 364,000sq ft warehouse at Ollerton in Nottinghamshire, let to Clipper Logistics.

Andrew Jones, chief executive of LondonMetric, said: “Following the recent disposals of two short let assets in Daventry and Bolton, we have quickly recycled some of the proceeds into two very long let logistics investments where we will benefit from guaranteed rental growth.”

Swettenham Real Estate and CPP acted for LondonMetric, and M1 Agency acted for the vendor on Ollerton.