LondonMetric Property has sold two logistics warehouses, in Sheffield and Wakefield, for £67m to Exeter Property Group.
The 527,000 sq ft property in Wakefield, previously occupied by Poundworld, has been sold for £43.5m. The building was acquired on practical completion in September 2016 for £39.4m.
The 335,000 sq ft property in Sheffield has been sold for £23.5m. The building was acquired in March 2014 for £17.2m and is let to Marks & Spencer until 1 April 2019. LondonMetric retains the adjoining 290,000 sq ft warehouse, also let to M&S and which has recently been re-geared.
Andrew Jones, chief executive of LondonMetric, commented: “As a REIT, we continue to be attracted to the income compounding qualities of well-let real estate and so have reacted to an off-market approach to monetise these two non-income-generating properties.
“The receipts will be recycled into more urban logistics assets where valuations are better supported and future rental growth is more certain.”
ACRE Capital Real Estate and Gent Visick acted for Exeter Property Group.
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