JLR supplier’s warehouse sold in £57m deal
Property investor LondonMetric has sold six distribution warehouses for £57.3m after it received “strong approaches” to sell.
The properties have been sold to Canmoor and Canadian institutional investor AIMCo. It will crystallise an £8.8m profit on cost for LondonMetric.
The disposal includes JLR supplier Groupo Antolin’s 120,000 sq ft site in Huyton, which LondonMetric acquired in 2017.
Andrew Jones, chief executive of LondonMetric, said: “The attractive demand/supply dynamics in distribution and the increasing weakness in legacy sectors is attracting substantial capital into the logistics sector from both new and existing investors.
“Whilst we seek to avoid unnecessary asset turnover, we will always take advantage of strong approaches for our assets. These proceeds will be reinvested into other quality opportunities in the strongest geographies where rental growth over the long term will be superior.”
The other properties are in Worcester, Leamington Spa, Castle Donington, Milton Keynes, and Royston. The occupiers include Hamleys and CEVA and have a weighted average unexpired lease term of 7.5 years.
LondonMetric took over some of the properties as part of its acquisition last year of West Midlands property group A&J Mucklow.
Completion of the sale is delayed March 25, 2021, allowing LondonMetric to receive £1.5 million of additional rent.