5 urban warehouses for London Metric

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LondonMetric Property has acquired five urban logistics warehouses for £25.6 million, and the disposal of a regional warehouse in Doncaster for £15.0 million.

The five urban logistics warehouses are located in Leyton, Weybridge, Peterborough, Cheltenham and Haverhill with occupiers including Clipper Logistics, FedEx and Tesla.

In Doncaster, a 290,000 sq ft regional warehouse let to Superdrug has been sold for £15.0 million. The building is let for a further 8 years with 3 years to break. It was acquired by LondonMetric in 2014 for £13 million.

Chief executive Andrew Jones said: “The investment market for logistics assets continues to enjoy strong structural support. We have therefore decided to monetise one of our oldest and shortest let regional assets to allow us to focus on growing our urban logistics portfolio, which offers greater certainty of occupation, income and future valuation growth.

“These new investments meet our objective of owning long let assets in strong locations that offer excellent potential for income growth.”

*Pacific Industrial & Logistics, the specialist REIT, has raised £20m to acquire to acquire two portfolios totalling six urban logistics assets and a plot of land for a gross consideration of £38.7m.

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