LondonMetric has bought seven service stations for £21.9m in three separate deals.
The transactions include two London convenience service stations in Stamford Hill and Plumstead for £5.4m, four Co-op service stations in Basingstoke, Dagenham and South Wales for £12.5m, and a new Shell and Budgens service station in Worcester acquired for £4m.
LondonMetric boss Andrew Jones said: “These long-income acquisitions offer attractive triple net income and are let on long leases to strong covenants with certainty of income growth. Given their strong locations, they are also underwritten by vacant possession value.”
The blended net initial yield of the deals is 5.1%, while the seven assets have a weighted average unexpired lease term of 18 years.
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