LondonMetric Property Plc has announced that it has acquired a £51 million portfolio and transacted on £22m of sales.
The £51.1m portfolio consists of a logistics warehouse let to UPS at East Midlands airport and a hotel at Manchester airport.
The assets are let on l2qeases with a WAULT to first break of over 100 years and generate £2.2 million of rent pa, with a running yield of 5% over the next few years.
The and highly automated 450,000ft² airside logistics facility is let to UPS at a rent of £1.16 million pa (£2.60 psf) with CPI linked reviews.
Developed by UPS, the facility is their second largest cargo facility in Europe and is their primary gateway in the UK.
The Clayton hotel at Manchester Airport totals 365 rooms and generates £1.07 million of rent pa with RPI linked reviews.
Lastly, the £22.1 million of disposals consist of five former Urban Logistics REIT assets sold at a blended NIY of 5.4% and 5% above acquisition price.00
They comprise an urban warehouse in Redditch and a portfolio of four industrial open storage assets in Telford, Sheffield, Leigh and Northampton let primarily to XPO and DX.
Chief executive of LondonMetric, Andrew Jones, said: “We have continued to monetise assets acquired through takeovers and have now sold eight Urban Logistics REIT assets at strong prices, reflecting the ongoing demand for smaller lot sizes.
“The proceeds from these and previous sales have been successfully reinvested into high quality, NNN and mission critical assets which are strongly underpinned by significant reversion and materially higher values achievable on vacant possession.
