LondonMetric Property Plc has transacted on £70 million (€83 million/$92 million) of warehouse acquisitions and £50 million (€59 million/$66 million) of noncore disposals.
The £70 million of acquisitions consists of seven warehouses with a WAULT of 15 years, acquired at a blended NIY of 5.8 percent, rising to a minimum of 6.1 percent over the next two years and 6.5 percent after five years, with 91 percent of rent subject to open market reviews. They comprise:
A 182,000-square-foot regional logistics warehouse in Avonmouth let to Farmfoods Ltd. acquired through a sale-and-leaseback for £26.4 million (€31.4 million/$34.7 million) and with five-yearly rent reviews to the higher of OMV or CPI+1 compounded annually
A 211,000-square-foot fully let urban logistics park in Wednesbury acquired from a pension fund for £25 million (€30 million/$33 million) with a low site density of 21 percent and immediate asset management opportunities through open
