LondonMetric has paid £11.1m for a life sciences warehouse in Cardiff.
The 119,000 sq ft warehouse is let to Global Life Sciences Solutions, trading as Cytiva.
It has taken a new 10-year lease at £600,000 pa, but with rent reviews expected between 1% and 3%. The deal reflects a net initial yield of 5%, rising to 5.8% after five years.
The building is located in an established life sciences location, adjacent to Junction 32 of the M4.
Cytiva has operated from Cardiff for more than 40 years and is investing £36m in the new facility, which will be used for the production and distribution of pharmaceutical products.
LondonMetric chief executive Andrew Jones said: “We continue to recycle capital from our disposal activity into high-quality assets that will enhance our urban logistics portfolio.”
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