LondonMetric Property has bought three urban logistics warehouses for almost £19m.
In Croydon, the company has paid £5.3m for a 28,000 sq ft site let to wholesaler HTC Group for a further four years at £9 per sq ft.
It has also acquired a 19,000 sq ft warehouse in Dunstable for £3m. The building is let to Deralam Laminates for another four years at £7 per sq ft. And in Warrington, it has picked up 73,000 sq ft of warehousing let largely to Ikea for £10.4m with an average rent of £6.60 per sq ft.
The three transactions have a blended net initial yield of 4.3% and a reversionary yield of 5.3%.
Chief executive Andrew Jones said: “Through high-quality acquisitions, we continue to grow our urban logistics portfolio, which now totals £1bn. These purchases are very well located with high residual values, offering attractive yields and strong rental growth prospects through open market reviews and/or relet opportunities.”
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