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LondonMetric Property acquires logistics warehouse in Waltham Cross for £43.8m
StockMarketWire.com
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LondonMetric Property said it had acquired a logistics warehouse in Waltham Cross for £43.8 million through a sale and lease back transaction.
The warehouse is let to Reynolds, a national foodservice business, on a new 23 year lease with the benefit of CPI+1 linked rent reviews of between 2-to-4%.
'The property generates a rent of £1.6 million per annum which is just under 10% below market rent,' the company said.
'There are no lease incentives as part of the sale and leaseback and the contractual rent reviews will increase the purchase net initial yield from 3.5% to an expected 4.0% after five years,' it added.
At 9:19am: (LON:LMP) Londonmetric Property PLC share price was 0p at 229.2p
Story provided by StockMarketWire.com
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