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LondonMetric buys UK warehouse portfolio for £116.6M

LondonMetric Property Plc purchased a portfolio comprising 14 urban and regional logistic warehouses in the U.K. from Cabot Properties for £116.6 million, at a day-one yield on cost of 6.1% and a 6.6% reversionary yield.

The portfolio offers 1.3 million square feet of warehouse space and over half of it is in the South East and the Midlands. The properties, including 11 urban logistic warehouses, have a weighted average unexpired lease term of 5.6 years and are leased at a low average rent of £5.50 per square feet.

DHL, Howdens, Unipart and Royal Mail make up over 60% of the £7.2 million income generated from the portfolio.