UK REIT LondonMetric Property has acquired Burlington Retail Park in southwest London for £28.3 mln (€31.2 mln) from a large, unnamed UK institution.
The 51,500 sq ft (4,780 m2) property is located in New Malden and is majority is let to Dixons Carphone with a smaller unit let to Dreams.
The investment will generate a revised total income of £1.8 mln (€2 mln) per year with a WAULT of 14.4 years (9.8 years to break).
Commenting on the deal, Andrew Jones, CEO of LondonMetric, said: ‘This investment is in line with our strategy of acquiring logistics and convenience retail assets in the strongest locations and with high occupier contentment. It provides us with a very attractive yield on cost with the certainty of future income growth and the comfort of a high intrinsic land value.’
LondonMetric was advised by Cortex and Curzon Sowerby. The vendor was represented by Savills.
