Londonmetric acquires urban logistics warehouse in Cardiff
LondonMetric Property
195.80p
10:44 26/04/24
Real estate investment trust Londonmetric has acquired an urban logistics warehouse in Cardiff for £11.1m, reflecting a blended net initial yield of 5.0%.
FTSE 250
19,830.12
10:45 26/04/24
FTSE 350
4,459.28
10:45 26/04/24
FTSE All-Share
4,412.73
10:45 26/04/24
Real Estate Investment Trusts
2,230.16
10:44 26/04/24
Londonmetric stated on Thursday that the 119,000 square foot warehouse was let to Global Life Sciences Solutions, trading as Cytiva, on a new ten-year lease with retail price index-linked rent reviews of between 1% and 3%.
The FTSE 250-listed firm added that the property generates a rent of £600,000 per year with contractual rent reviews expected to increase the purchase net initial yield to 5.8% after five years.
Chief executive Andrew Jones said: "We continue to recycle capital from our disposal activity into high quality assets that will enhance our urban logistics portfolio. This property is let to a highly reputable occupier, offers attractive income growth prospects and has further asset management potential."
As of 0840 BST, Londonmetric shares were down 2.41% at 258.80p.