LondonMetric Property has acquired two UK logistics warehouses, totalling 496,000sqft, for £47.6m (€53.9m).

The FTSE 250 listed real estate investment trust said the acquisition amount reflects a blended net investment yield of 5%, rising to a minimum of 5.6% after five years. The average lease length is over 18 years.

At Ollerton in Nottinghamshire, LondonMetric has agreed to acquire a 364,000sqft regional warehouse let to Clipper Logistics on a 20-year lease, at a rent of £5.04 per sqft, subject to annually payable RPI uplifts of between 2% and 4%.

At Speke, LondonMetric has acquired a new 132,000sqft regional logistics warehouse let to Gefco, on a new 15-year lease, at a rent of £5.17 per sqft subject to five yearly RPI-linked reviews of between 2% and 4%.

Andrew Jones, chief executive of LondonMetric, said: “Following the recent disposals of two short let assets in Daventry and Bolton, we have quickly recycled some of the proceeds into two very long let logistics investments where we will benefit from guaranteed rental growth.”