Listed real estate investment trust LondonMetric Property has added five urban logistics warehouses to its UK portfolio and has sold a regional warehouse.
The FTSE 250 company said it bought the five assets, located in Leyton, Weybridge, Peterborough, Cheltenham and Haverhill, for £25.6m (€29.3m) and sold the warehouse in Doncaster for £15m.
Details of the vendor and buyer were undisclosed.
LondonMetric said the acquired assets have an average lease length of 16 years, with 67% of the income subject to contractual rental uplifts.
Andrew Jones, chief executive of LondonMetric, said: “The investment market for logistics assets continues to enjoy strong structural support.
“We have therefore decided to monetise one of our oldest and shortest let regional assets to allow us to focus on growing our urban logistics portfolio, which offers greater certainty of occupation, income and future valuation growth.”
Jones added that these new investments meet the company’s objective of owning long let assets in strong locations that offer excellent potential for income growth.