LondonMetric acquires Huntingdon warehouse development for £53.4m
LondonMetric Property
194.50p
16:45 19/04/24
Real estate investment trust LondonMetric has acquired a long let cold storage and logistics warehouse development in Huntingdon for £53.4m.
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LondonMetric said on Tuesday that the 300,000 square foot building was pre-let on a 25-year lease to AM Fresh Group, an international agri-tech company that supplies UK supermarkets with fruits, plant-based fresh goods, and flowers. The rent of £2.0m per annum equates to £6.70 per square foot and will be subject to five-yearly CPI+1 linked reviews.
The FTSE 250-listed firm highlighted that the development was located at Alconbury Weald, Huntingdon, on the A1, with the nearby A14 interchange providing a direct link to Felixstowe port.
Chief executive Andrew Jones said: "This is a high-quality development benefitting from a very long lease to a market leader in fresh produce and adding an exceptional building to our portfolio. We are excited about working in partnership with AM Fresh as we use our expertise to help deliver their new warehouse and build a long-term relationship."
As of 0825 GMT, LondonMetric shares were up 0.15% at 269.20p.