Exeter Property Group has bought two logistics warehouses in Northern England from LondonMetric Property for £67m (€78.2m).

LondonMetric said Exeter bought the 527,000sqft property in Wakefield and the 335,000sqft property in Sheffield for £43.5m and £23.5m respectively.

LondonMetric acquired the Wakefield on practical completion in September 2016 for £39.4m. The Sheffield asset was acquired in March 2014 for £17.2m.

Andrew Jones, CEO of LondonMetric, said: “As a real estate investment trust, we continue to be attracted to the income compounding qualities of well let real estate and so have reacted to an off-market approach to monetise these two non-income generating properties.

“The receipts will be recycled into more urban logistics assets where valuations are better supported and future rental growth is more certain.”