LondonMetric has bought two NNN retail properties for £23.3m in a single deal.
The deal, for a 76,000 sq ft store in Evesham, Worcestershire, and a 42,000 sq ft store in Burton upon Trent, Staffordshire, reflects a blended net initial yield of 6.7%, with annual rent of £1.6m.
The properties are let to the Range, Halfords, Dunelm and Pets at Home, as well as Greggs and Costa, for an average of £13.90 per sq ft. They each have a WAULT of six years.
Chief executive Andrew Jones said: “These assets are let to the winning retailers across the discount, auto and pets sectors and offer multiple opportunities to leverage our asset management capabilities. The transaction provides an attractive entry price and income yield, which is circa 300bps higher than where long income grocery assets are trading.”
LondonMetric was advised by Harvey Spack Field. The vendor was advised by McGregor Wyn.
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