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LondonMetric buys two warehouse developments

17 July 2017 07:17

LondonMetric Property has agreed to purchase, via a forward funding contract with Kier Property, two new distribution warehouses at Logistics City in Frimley for £13.1 million, reflecting an anticipated yield on cost of 5.3%.

Located on an established South East logistics estate next to J4 of the M3 and 12 miles from the M25, the two warehouses will total 62,000 sq ft.

It said the largest unit, which would extend to 38,000 sq ft, had been pre-let to a FTSE 100 company on a 15 year lease at a rent of £0.4 million pa, subject to five yearly RPI linked rental uplifts between 1% and 3% pa. It said construction would commence imminently with practical completion targeted for May 2018.

LondonMetric said it would benefit from a 5.75% funding coupon during construction.

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