LondonMetric acquires Next warehouse

Property group LondonMetric has acquired a Next Distribution warehouse for £29m from a private property company.

Located in Doncaster, near to the FTSE 250 group’s Superdrug Distribution Centre, the site occupies 40% of a 19 acre area.

‎LondoMetric said the 330,300 square feet asset, which was purpose built in 2005, incorporates 22,000 square feet of office space and has additional mezzanine floors, which increases the internal area to 725,000 square feet.

Following the acquisition, the company's distribution portfolio will comprise 22 distribution centres for a total worth of approximately £656.6m, representing 46.7% of the group's total portfolio

"This is a highly automated warehouse which is let to a great tenant and is a strong addition to our distribution portfolio,” said group chief executive Andrew Jones.

“It complements our ownership of the nearby Superdrug Distribution Centre and also increases our exposure to one of the UK's top retailers with whom we already have an excellent relationship."

LondonMetric shares were down 0.25% to 160.20p at 08:56 on Tuesday.