£26m Avonmouth purchase the largest in LondonMetric’s £120m flurry of deals
LondonMetric has bought Farmfoods’ logistics warehouse in Avonmouth as part of a flurry of transactions totalling £120m.
The property group has paid £26.4m for the site through a sale and leaseback deal with the retailer. Knight Frank had been appointed earlier this year to find a buyer for the distribution site at Central Park.
LondonMetric has today announced £70m of warehouse acquisitions and £50m of disposals.
Andrew Jones, chief executive of LondonMetric, said: “We have been very clear on our desire to monetise some assets acquired from our corporate takeovers. We have now sold c.£100m of LXi assets, with 13 of the 16 non-core CTPT assets also sold at an average of 14% above our original underwrite values.
“We have successfully reinvested these proceeds into high quality properties, in stronger sectors that will deliver accelerated income growth.”
The sales include a Compass training centre in Milton Keynes, a Vertu car showroom in York and a Nissan car show room in Doncaster, a Lok’nStore site in Basildon, and seven care homes.
LondonMetric’s other acquisitions revealed today are the purchase of an urban logistics park in Wednesbury, West Midlands, and five trade warehouses, including one in Swindon, let to Travis Perkins, MKM and Jewson.
