£13.3m deal for warehouse is completed

Listed property firm LondonMetric has this morning confirmed the completion of a deal to sell a regional distribution warehouse in Rotherham at a net initial yield of 5%.

The £13.3m sale of the 152,000 sq ft warehouse, let to the Royal Mail for a further eight years, was first announced in December 2019 subject to delayed completion.

Commenting on the sale and a separate transaction in London, Andrew Jones, chief executive of LondonMetric, said: “We continue to actively acquire long income properties in good locations that offer attractive triple net income and certainty of income growth.

“These assets are let on very long leases to strong covenants with whom we have established relationships and, following our recent equity fundraising, we are in legals on a number of other opportunities with similarly attractive characteristics.”