LondonMetric acquires five food stores and a logistics unit for £72.9 million
LondonMetric Property has invested £72.9 million in the acquisition of five food stores and a logistics unit.
Through a £62 million sale and leaseback, the company has bought food stores let to Waitrose on new 20 year leases with CPIH linked rent reviews. Situated in Keynsham, Malmesbury, Paddock Wood, Towcester and Yateley, the stores range in size from 27,000 to 43,000 square feet. They also operate as online fulfilment centres for both Waitrose and John Lewis.
In a second acquisition, LondonMetric has purchased a 32,000 square foot logistics unit in Walthamstow for £10.9 million. Currently let to Ocado. the facility will be occupied by the online retailer for a further eight years.
Andrew Jones, chief executive of LondonMetric, said: “These are high quality and well located assets in structurally supported sectors, let to strong occupiers that offer secure triple net income and the certainty of income growth. These investments will increase our exposure further to the winning sectors and occupiers, with Waitrose now a top ten occupier and Ocado a new addition to our customer base. In a macro environment characterised by zero interest rates, well let properties are becoming increasingly sought after.”
