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LondonMetric acquires 14 logistic warehouses

10 August 2017 07:33

LondonMetric Property has acquired 14 urban and regional logistic warehouses for £116.60 million from Cabot Properties.

The purchase price reflects a day one yield on cost of 6.1% and a reversionary yield of 6.6%.

LondonMetric said: "The 1.3 million sq ft of warehouses are in established distribution locations where there is excellent motorway connectivity and strong occupier demand.

"11 of the 14 buildings are 'last mile'/urban logistic warehouses and over half are located in the South East and Midlands. "

It said the portfolio had a WAULT of 5.6 years and was let at a low average rent of £5.50 psf (ERV of £6.00 psf).

Over 60% of the £7.2 million income was from retailers and third party logistics operators including DHL, Howdens, Unipart and Royal Mail. It said the acquisition increased LondonMetric's distribution weighting to 69%1 and LTV to 37%.

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