Avonmouth warehouse leads £120m LondonMetric Property deals
LondonMetric Property, the listed real estate business which has a £6 billion portfolio across the logistics, healthcare, convenience and leisure sectors, revealed it has transacted on £70 million of warehouse acquisitions and £50 million of non core disposals.
The largest of these is the acquisition of a 182,000 sq ft regional logistics warehouse in Avonmouth let to Farmfoods Ltd acquired through a sale and leaseback for £26.4 million.
Other deals include a 211,000 sq ft fully let urban logistics park in Wednesbury, the West Midlands acquired from a pension fund for £25 million.
Five trade warehouses in Leeds, Derby, Swindon, Bolton and Farnham totalling 113,000 sq ft, acquired for £18.9 million and let to Travis Perkins, MKM and Jewson.
The £50 million of disposals consist of a 169,000 sq ft Compass training centre in Milton Keynes, a 34,000 sq ft car show room in York let to Vertu, a 34,000 sq ft self-storage asset in Basildon, seven care homes and a car showroom in Doncaster.
Andrew Jones, Chief Executive of LondonMetric, said:"We have been very clear on our desire to monetise some assets acquired from our corporate takeovers. We have now sold c.£100 million of LXi assets, with 13 of the 16 non core CTPT assets also sold at an average of 14 per cent above our original underwrite values.
"We have successfully reinvested these proceeds into high quality properties, in stronger sectors that will deliver accelerated income growth."
In July LondonMetric announced it had sold five properties, in separate transactions. These included a 51,000 sq ft convenience-led retail asset in Weymouth for £14.3 million and a 19,000 sq ft office in High Wycombe for £3.9 million.
