LondonMetric has sold the Fordton retail park in Warrington, Cheshire, for £6.6m – a net initial yield of 5.4%.
The 20,200 sq ft site was bought by private investor at a price LondonMetric said was marginally above the March 2016 book value.
LondonMetric also bought a refurbished 89,000 sq ft distribution warehouse in Hemel Hempstead’s Maylands Business Park for £8.3m − a net initial yield of 6.4%.
The warehouse is let to shop-fitting company ITAB at a rent of £6.24 per sq ft and has an unexpired lease term of 8.3 years.
Andrew Jones, chief executive of LondonMetric, said: “We continue to recycle equity from our mature retail parks into well located logistics assets, which we are confident will benefit from the ongoing structural changes impacting occupiers and deliver superior rental growth.”
JLL advised LondonMetric.
Read more: LondonMetric eyes e-commerce
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