UK logistics investor LondonMetric Property has bought an urban logistics warehouse in Luton from Marcol Industrial Investments for £15.5m (€18m).

The FTSE 250 real estate investment trust said it has acquired the 168,000sqft property is located on Luton Enterprise Park.

LondonMetric said the property, let to two occupiers, offers significant potential for redevelopment, which the LondonMetric will look to progress on expiry of leases.

Andrew Jones, CEO of LondonMetric, said: “We continue to grow our urban logistics portfolio with quality acquisitions and this latest transaction is an excellent covered land opportunity in a very strong location offering significant rental reversion as well as attractive future redevelopment potential.”

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