LondonMetric Property has diversified its long income portfolio with the acquisition of roadside assets.
The UK real estate investment trust said it acquired a £14.5m (€17m) portfolio of 18 roadside carwashes, operating under the IMO brand, and a Co-op convenience store and petrol station in Wareham in the English county of Dorset.
The assets have a 5.9% net initial yield which rises to 6.6% after five years, the company said.
Andrew Jones, CEO of LondonMetric, said: “We continue to actively acquire long let convenience assets as part of our long income portfolio diversification.
“We have been steadily building up our roadside exposure which now totals £40m and delivers an attractive triple net income, let on very long leases, with the certainty of income growth.