LondonMetric Property Plc buys U.K. logistics portfolio from pension fund

LondonMetric Property Plc has made an off-market acquisition of six single-let urban logistics properties in the United Kingdom for £78 million ($104 million) from a FSTE 100 pension fund.

The portfolio comprises six high-quality properties totaling 526,000 square feet, located in Stafford, Banbury, Romford, Southampton, Bristol and Aberdeen. Tenants include General Electric, Thales, EVRI, Macarthys Laboratories and KCA Deutag, with a weighted average lease term (WALT) of 10 years.

“This was a very rare opportunity to acquire, off market, a high-quality portfolio which is immediately earnings accretive. The well-located, mission-critical assets, offer an attractive mix of near-term income growth and value-enhancing asset management opportunities,” said Andrew Jones, chief executive of LondonMetric. “Logistics remains our strongest conviction thematic and now accounts for over 45 percent of our total portfolio.”