UK REIT LondonMetric has agreed to purchase a distribution warehouse under development in the northwestern English town of Warrington for a total of £30 mln (€42 mln).
UK REIT LondonMetric has agreed to purchase a distribution warehouse under development in the northwestern English town of Warrington for a total of £30 mln (€42 mln).
The investment volume for the 33,000 m2 property at Omega South, Warrington is expected to generate a yield on cost of 7%.
LondonMetric has agreed to forward fund the development by Omega Warrington, a joint venture between Miller Developments and KUC Properties. The project is due for completion in December 2016.
The warehouse will be built at Omega South’s logistics hub adjacent to LondonMetric’s recently completed 64,000 m2 warehouse let to The Hut Group.
LondonMetric owns 23 distribution warehouses with a total value of £766 mln, representing 52% of the company’s overall portfolio.
DTRE advised the buyer and JLL advised Omega Warrington in the transaction.
