LondonMetric Property PLC - London-based property investor - Acquires two urban logistics properties for GBP28.8 million, in separate transactions. The properties reflect an expected blended yield of 4.5% and a reversionary yield of 5.0%. They are expected to generate GBP1.4 million a year in rent.
The first property is a 125,000 square foot urban logistics forward development in Leicester, England. It comprises of two units and is expected to be completed at the start of 2023. The second property is a nine-acre site in Droitwich, England which is used for vehicle storage and currently let to Amazon.com Inc.
Chief Executive Andrew Jones said: "We are continuing to allocate capital into the strongest geographies within the distribution sector, where we can benefit from attractive entry yields and structurally supported occupier demand to capture superior rental growth."
Current stock price: 272.05 pence, down 0.7% in London
12-month change: up 19%
By Heather Rydings; heatherrydings@alliancenews.com
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LondonMetric (LMP)