LondonMetric acquires Savills IM UK Income and Growth Fund

LondonMetric Property has acquired Savills IM UK Income and Growth Fund in a corporate transaction valued at £122.2 million (€143.85 million/$163.14 million).

The fund owns a portfolio of 15 assets across 482,000 square feet, with 75 percent in urban logistics and the remainder comprising long-income assets. About 74 percent of the assets are located in London and the South East London area, with key locations including Croydon, Farnborough, Hounslow, Greenwich, Guildford, Maidstone and Stevenage. A further 12 percent of the portfolio is located in the Midlands.

Andrew Jones, chief executive of LondonMetric, commented, “Following our equity placing last month, we are pleased to have quickly invested a substantial proportion of the proceeds into this high quality portfolio. Reflecting their London & South East weighting, we expect these assets will continue to perform strongly as high occupier demand and diminishing warehouse supply drive rental growth higher.â