LondonMetric Property has acquired £14.5m of long-income roadside assets, reflecting a yield of 5.9%.
The acquisitions reflect a yield of 5.9%, which will grow to 6.6% after five years.
The portfolio consists of 18 highly roadside carwashes operating under the IMO brand, and a Co-op convenience store and petrol station in Wareham, Dorset.
These have a WAULT of 24 years, with inflation-linked rental uplifts.
Andrew Jones, chief executive of LondonMetric, said: “We continue to actively acquire long-let convenience assets as part of our long-income portfolio diversification.
“We have been steadily building up our roadside exposure, which now totals circa £40m and delivers an attractive triple net income, let on very long leases, with the certainty of income growth.”
LondonMetric was advised by Tydus Real Estate on the carwash assets and Hartnell Taylor Cook on the Wareham deal.
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