Listed company sells warehouse as part of £11.6m deal

An 84,000 sq ft distribution warehouse in Doncaster has been sold alongside another property, as part of a deal worth £11.6m in total.

The South Yorkshire building has been sold by LondonMetric Property, along with an office in Leicester.

The warehouse has been let to East Yorkshire-headquartered chemicals company Croda for a further two years. It was first acquired in August 2017 and has been sold for £5.9m at a net initial yield of 7%.

Andrew Jones, chief executive of LondonMetric, commented: “Following our recently announced forward funding of Croda’s new long let distribution hub, we decided to monetise their existing facility which has two years remaining on the lease.”

For the warehouse sale, JLL advised LondonMetric and ACRE advised the purchaser.