UK logistics real estate firm LondonMetric Property has bought two urban logistics warehouses in London and Redditch for £13.2m (€15m).

The FTSE 250 real estate investment trust said it has invested £7.7m to buy the 20,000sqft warehouse in London and paid £5.5m for the newly developed 46,000sqft asset in Redditch.

Andrew Jones, chief executive of LondonMetric, said the are let on long leases with guaranteed rental growth, adding that they are well located, in “good geographies where the underlying value of the land significantly underwrites the purchase price”.

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