£21m deal completed to acquire logistics warehouse

Property investor, LondonMetric Property Plc, has completed its acquisition of a long-let distribution warehouse in Doncaster for £21.2m.

The 264,000 sq ft regional logistics warehouse is let to Next for a further 13 years at a rent of £1.42m per annum.

Andrew Jones, chief executive of LondonMetric, said: “As the UK economy reaches an inflection point on both inflation and interest rates, we are increasingly attracted to triple net leased assets that have strong income compounding characteristics and certainty of growth.

“We have continued to successfully exit non-core assets and reinvest into sectors that benefit from structural tailwinds. We have now, based on purchase value, disposed of 39% of the Mucklow portfolio.”

LondonMetric was advised by GV & Co in respect of the Doncaster acquisition.