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LondonMetric Property acquires three logistics warehouses for £18.7m
StockMarketWire.com
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Real Estate company LondonMetric Property said it had acquired three logistics warehouses in Croydon, Dunstable and Warrington for a combined £18.7 million.
The acquisitions reflected a blended net initial yield of 4.3% and a reversionary yield of 5.3%.
The warehouses had been acquired in separate transactions, with a weighted average unexpired lease term of five years.
In Croydon, a 28,000 sq ft urban warehouse had been acquired for £5.3 million, the company said.
In Dunstable, a 19,000 sq ft urban warehouse had been acquired for £3.0 million.
In Warrington, 73,000 sq ft of warehousing had been acquired for £10.4 million.
'These purchases are very well located with high residual values, offering attractive yields and strong rental growth prospects through open market reviews and/or re-let opportunities,' the company said.
Story provided by StockMarketWire.com
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