LondonMetric completes acquisition of two warehouses in the UK
LondonMetric Property PLC (LSE:LMP) has today acquired two logistic warehouses for GBP135.6mln in two separate transactions. The FTSE 250-listed real estate investment trust said the two sites will generate GBP6mln per year in rent in total. Both sites will benefit from inflation-linked rent reviews, meaning the price of the rent will be reviewed at intervals against the retail price index.
One warehouse is based in Ipswich, is 296,000 sq ft in size, and has been purchased for GBP38.6mln. It is pre-let to an ecommerce company on a 20-year lease, with rent of GBP1.9mln per year. The other warehouse, costing GBP97mln, is expected to be completed in January 2022 and is 700,000 sq ft in size and is “highly automated”.
It has already been let to an occupier for 23 years at a rent of GBP4.1mln per year.
This warehouse sits near to a ‘key’ UK motorway junction and has further development potential of up to 180,000 sq ft.
LondonMetric chief executive Andrew Jones said, “These are excellent buildings, in strong locations and offer attractive opportunities to capture guaranteed rental reversions.”
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