LondonMetric strikes £120m warehouse deals and asset sales
LondonMetric has announced that it has transacted on £120m worth of assets, comprising £70m of warehouse acquisitions and £50m of disposals.
The £70m of acquisitions consist of seven warehouses, which includes a 211,000 sq ft fully let urban logistics park in Wednesbury.
It has been purchased from a pension fund for £25m with immediate asset management opportunities through open market reviews.
Elsewhere, the investor has snapped up:
A 182,000 sq ft regional logistics warehouse in Avonmouth let to Farmfoods through a sale and leaseback for £26.4m
Five trade warehouses in Leeds, Derby, Swindon, Bolton and Farnham totalling 113,000 sq ft, were acquired for £18.9m and let to Travis Perkins (x2), MKM (x2) and Jewson.
The £50m worth of disposals consists of ten former LXi REIT assets and a former CT Property Trust (CTPT) asset.
They comprise
A 169,000 sq ft Compass training centre in Milton Keynes sold for £23.7m
A 34,000 sq ft car show room in York let to Vertu sold for £10.5m
A 34,000 sq ft self-storage asset in Basildon let to Lok’nStore sold for £10m
Seven care homes sold for £3.2m
An 18,000 sq ft Nissan car show room in Doncaster sold for £2.5m
Andrew Jones, Chief Executive of LondonMetric, commented: “We have been very clear on our desire to monetise some assets acquired from our corporate takeovers. We have now sold c.£100 million 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.”
