Listed UK property firm LondonMetric Property has invested £21.9m (€25m) to buy seven convenience service stations.
The FTSE 250 real estate investment trust has acquired four Co-op convenience service stations in Basingstoke, Dagenham and South Wales acquired for £12.5m and invested £5.4m in a sale and leaseback deal with TG Convenience Stores to buy two London convenience service stations in Stamford Hill and Plumstead.
LondonMetric said it has also bought a new Shell and Budgens service station in Worcester for £4m.
The seven assets have a weighted average unexpired lease term, of 18 years and all benefit from contractual rental uplifts.
The company said it has also sold £4.2m of Kwik Fit service stations and IMO car washes. These assets were originally acquired through larger portfolio transactions.
Andrew Jones, CEO of LondonMetric Property, said: “These long income acquisitions offer attractive triple net income and are let on long leases to strong covenants with certainty of income growth. “Given their strong locations, they are also underwritten by vacant possession value.”
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