LondonMetric has bought a grocery-led property in South Ruislip, west London, for £18m.
The 41,000 sq ft building is let to Aldi and B&M for £900,000pa, with just under 10 years to run on the lease.
The building sits on a 3.5 acre site next to an Asda supermarket, and was refurbished in 2015. LondonMetric said the “sizeable car park” would provide further asset management potential.
Separately, LondonMetric’s joint venture with Metric Income Plus, the Universities Superannuation Scheme, has sold a portfolio of three DIY and homeware properties for £14.2m to a US investor.
Located in Speke, Barnsley and Beverley, the properties are let to Wickes and Dunelm and have a WAULT of 10.2 years. The sale price reflects a 9% premium to the March 2021 book value.
LondonMetric boss Andrew Jones said: “The recent sale of our Aldi/M&S store in Liverpool and the sale of three further properties today demonstrates the continued demand for our long-income assets.
“The proceeds of these sales have been reinvested into a very well let grocery-led asset in a strong London geography. The acquisition not only provides greater certainty of income growth but also further asset management opportunities.”
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