LondonMetric Property has bought ten single let properties for £55m (€62.6m) from the ACT Foundation.

The listed real estate investment trust said the portfolio consists of nine urban logistics assets totalling 340,000sqft and a retail store let to home improvement retailer Wickes for a further 14 years.

LondonMetric said about 50% of the assets are located in London and the South East with a further 35% located in the Midlands.

Andrew Jones, the chief executive of LondonMetric, said: “Following the recent disposal of six non-core distribution assets for £36m, we are pleased to have re-allocated the proceeds into a much stronger and better-located portfolio within such a quick timescale.

“The portfolio is fully income generating, offers good opportunities to capture strong income growth and increases our urban logistics portfolio to approximately £400m.”