UK REIT LondonMetric Property has acquired two distribution warehouses in the UK for a total of £15.8 mln (€18.5 mln).
In Wakefield, in the north of England, the company has acquired a 120,000 sq ft (12,000 m2) regional distribution warehouse for £9.5 mln (€11.1 mln). The other purchase, a 49,000 sq ft (5,000 m2) last-mile distribution warehouse in Dartford, in the south of England, cost £6.3 mln (€7.4 mln), reflecting a blended net initial yield of 5.8% and a reversionary yield of 6.4%.
'The urban logistics and convenience sectors continue to grow rapidly as shopping patterns evolve and customers migrate towards internet and convenience shopping. The strong demand for well-located logistics assets is part of their ambition to meet increasing delivery demands,' commented Andrew Jones, chief executive of LondonMetric.
JLL acted for LondonMetric and DTRE acted for the vendor on Wakefield. Strutt & Parker advised on Dartford.
