LondonMetric Property has bought six single-let urban logistics properties for £78m from a FSTE 100 pension fund.
The purchase price for the off-market deal reflects a blended NIY of 5.8%, which rises to 6.9% over the next two years. The properties generate income of £4.8m a year.
The portfolio totals 526,000 sq ft and includes properties in Stafford, Banbury, Romford, Southampton, Bristol and Aberdeen. Tenants include General Electric, Thales, EVRI, Macarthys Laboratories and KCA Deutag, with a WAULT of 10 years.
Chief executive Andrew Jones said: “This was a very rare opportunity to acquire, off market, a high-quality portfolio which is immediately earnings-accretive. The well-located, mission-critical assets offer an attractive mix of near-term income growth and value-enhancing asset management opportunities.”
The company has also sold an Edinburgh office let to HSBC for £6m. LondonMetric has now sold 14 of 16 non-core assets acquired in its takeover of CTPT.
LondonMetric was advised by Cortex Partners on the logistics acquisitions and the seller by Clay Street.
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