ACQUISITION OF £20.2M OF LONDON LOGISTICS ASSETS
18 October 2021
LONDONMETRIC PROPERTY PLC
LONDONMETRIC ACQUIRES £20.2 million OF LONDON LOGISTICS ASSETS
LondonMetric Property Plc ("LondonMetric") announces the acquisition of two last mile logistics assets in Fulham and Tottenham for a combined purchase price of £20.2 million.
The assets total 44,000 sq ft and have been acquired with vacant possession in two separate transactions. LondonMetric will refurbish both properties at a cost of £1.4 million which, once fully let, is expected to deliver a blended yield on cost of 4.5%.
At the 21,000 sq ft warehouse in Fulham, terms have already been agreed with Jacuna Kitchens, a dark kitchens operator, to pre-let c.60% of the space.
These assets complement LondonMetric's other recent London last mile logistics acquisitions in Brent Cross and Streatham, which were acquired earlier in the year.
Andrew Jones, Chief Executive of LondonMetric, commented:
"It is clear that occupier demand for urban logistics assets in the strongest geographies is delivering superior rental growth. These acquisitions form part of LondonMetric's strategy to increase its urban logistics investment within London and the South East, where there is a high intrinsic land value from alternative use."
For further information, please contact:
LondonMetric Property Plc
Andrew Jones / Martin McGann / Gareth Price
Tel: +44 (0) 20 7484 9000
FTI Consulting
Dido Laurimore / Richard Gotla / Andrew Davis
Tel: +44 (0)20 3727 1000
About LondonMetric Property Plc
LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a diversified long income portfolio, with 16 million sq ft under management. It owns and manages desirable real estate that meets occupiers' demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term.
Further information is available at www.londonmetric.com
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