LondonMetric acquires three logistics warehouses

LondonMetric Property has acquired three urban logistic warehouses in Crawley, Coventry and Huyton for £23.9m.

The purchase price reflects a blended yield of 6% and a reversionary yield of 6.8% with a WAULT of 11.7 years across the following sites:

LondonMetric was advised by Cogent Real Estate and FTD Johns on Crawley, by Levy on Coventry and by JLL on Huyton. Lambert Smith Hampton and CBRE acted for the vendors on Coventry and Huyton respectively. 

Andrew Jones, chief executive of LondonMetric, said: “Over the last 12 months our urban logistics portfolio has grown substantially to £185m across 26 assets. We will continue to build on this critical mass as the sector benefits from an increasingly favourable demand/supply imbalance.

“Following these purchases, the proceeds of our recent equity raise have now been fully committed in line with our strategy, into attractive real estate that offers high occupier appeal, in strong locations with good reversionary potential.”

The deals were announced the same morning as LondonMetric reported strong income growth in its full year results.

The company’s weighting to logistics has now reached 64% with 5% growth in EPRA earnings per share to 8.2p and 1.4% growth in EPRA NAV per share to 149.8p.

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