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LondonMetric Property acquires two warehouse assets in London for £13.5m
StockMarketWire.com
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Property company LondonMetric Property said it had acquired two vacant warehouse assets in Brent Cross and Streatham in London for a combined £13.5 million.
The company agreed a new 20 year lease with Jacuna Kitchens across about 75% of the combined space.
Jacuna would operate about 100 dark kitchens across both locations and LondonMetric would refurbish and upgrade the warehouses to provide enhanced power, ventilation and drainage to the buildings.
Letting of the remaining space was under negotiations with a new delivery start up.
Following completion of the letting and refurbishment, LondonMetric expected to deliver a blended yield on cost of 5.4% from the acquisitions.
Story provided by StockMarketWire.com
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