LondonMetric has bought three urban logistics warehouses for £35.4m as it continues to move away from retail.
The three separate deals reflect a blended net initial yield of 4.4% and a reversionary yield of 4.9%.
The largest deal was for 130,000 sq ft in Worthing, bought for £19m through a sale and leaseback transaction with audio company Bowers & Wilkins, which agreed a new 15-year lease.
A 50,000 sq ft shed in Uckfield, let to John Lewis, and a 47,000 sq ft centre in Exeter, let to Jewson, were bought for £10.3m and £6.1m respectively.
The properties generate rent of £1.7m pa, with 83% of the income benefiting from RPI or CPI-linked rent reviews.
LondonMetric chief executive Andrew Jones said: “We are continuing to find attractive opportunities for redeploying capital into our preferred sectors of urban logistics and grocery-led long income.”
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