LondonMetric buys two properties for £135.6m
LondonMetric Property
193.70p
16:35 24/04/24
-2.07%
-4.10p
UK real estate company LondonMetric on Monday said it had bought two logistics warehouses for £135.6m in separate deals.
FTSE 250
19,719.37
17:09 24/04/24
n/a
n/a
FTSE 350
4,419.71
17:09 24/04/24
n/a
n/a
FTSE All-Share
4,374.06
16:44 24/04/24
n/a
n/a
Real Estate Investment Trusts
2,217.03
17:09 24/04/24
-1.94%
-43.95
The properties generate annual rent of £6m, with 100% of the income benefiting from RPI linked rent reviews.
One unnamed property was acquired for £97m, with a yearly rent of 4.1m, while the other, a warehouse in Ipswich, for £38.6m pre-let to a “rapidly expanding e-commerce company”, on a 20 year lease at a rent of £1.9m a year.
The warehouse was located at Port One Logistics Park, Ipswich, and development was expected to be completed in spring 2022.