LondonMetric has posted a 5% improvement in net rental income to £82m for the year to 31 March.
The FTSE-250 property investment firm also reported a £21m revaluation surplus, which contributed to a profit of £63m, down from £82.7m a year earlier.
The company also acquired three logistics warehouses in Crawley, Coventry and Huyton valued in total at £23.9m.
Its portfolio is now valued at £1.53bn, with a topped-up net initial yield of 5.4%.
During the period the company sold £148m of retail, leisure and residential assets as well as £107m of logistics properties investments with a further £24m acquired since the year end.
It now holds an urban logistics portfolio of 26 assets valued at £185m.
Chief executive Andrew Jones said: “On top of political and economic uncertainty, the world continues to be transformed by technological innovation and continuing social change. This is having a profound impact on real estate. The tectonic plates in retail are shifting and the industry is experiencing radical disruption.
“Retailers are closing marginal stores and investing in ‘flagship’ destinations and in new supply chains to service online sales and consumer expectations. Retailers are prioritising distribution and fulfilment ahead of their stores, which is why we have repositioned LondonMetric’s portfolio from retail into logistics. Logistics will soon represent more than 70% of our investments as our urban logistics portfolio grows further and our short-cycle developments complete.”
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