UK REIT LondonMetric Property has acquired three urban logistic warehouses in Crawley, Coventry and Huyton for £23.9 mln (€28 mln) . The purchase price reflects a blended yield of 6.0% and a reversionary yield of 6.8%. The vendors were not disclosed.
'Over the last 12 months our urban logistics portfolio has grown substantially to £185 mln across 26 assets. We will continue to build on this critical mass as the sector benefits from an increasingly favourable demand/supply imbalance,' commented Andrew Jones, chief executive of LondonMetric.
At Crawley, LondonMetric has acquired a 51,000 ft2 warehouse located close to Gatwick airport. The warehouse is let for a further 6.4 years to TNT with a break clause and an open market rent review in 2018.
The company has also purchased a 90,000 ft2 warehouse located immediately adjacent to Coventry Airport let to DHL on a new ten year lease, plus a 120,000 ft2 shed in Huyton let to Antolin Interiors on a new 15 year lease.
'Following these purchases, the proceeds of our recent equity raise have now been fully committed in line with our strategy, into attractive real estate that offers high occupier appeal, in strong locations with good reversionary potential,' added Jones.
LondonMetric was advised by Cogent Real Estate and FTD Johns on Crawley, by Levy on Coventry and by JLL on Huyton. Lambert Smith Hampton and CBRE acted for the vendors on Coventry and Huyton respectively.
