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LondonMetric Property PLC on Thursday said it has acquired a long-let Marks & Spencer Group PLC logistics warehouse for a total of £74.0 million. The London-based real estate investment trust said the 390,000 square feet regional logistics warehouse is pre-let to M&S on a 20-year lease, with five yearly upward-only rent reviews linked to the consumer price index. The purchase reflected a net initial yield of 5.65%. Currently being developed by Epta Development Corp and partner Stoford, the warehouse is situated in Axis Works in Bristol, and will be a ‘key facility’ for M&S’ food distribution business, LondonMetric said. Construction is expected to complete in summer 2026, and LondonMetric will receive a funding coupon of 5.5% during the development. ‘This is a high quality development let on a very long lease to one of the UK’s strongest retailers. It will deliver income longevity, certainty and guaranteed growth. It further extends our relationship with M&S and adds another exceptional building to LondonMetric’s portfolio,’ said LondonMetric Chief Executive Officer Andrew Jones. Shares in LondonMetric were up 4.7% at 178.99 pence each in London on Thursday morning. The stock remains down 8.4% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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