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LondonMetric plans £60M logistics development on acquired UK site

LondonMetric Property Plc bought a 40-acre Bedford Link site in the U.K., with plans to invest £60 million to construct up to four regional distribution warehouses.

The property on the A421 near junction 13 of the M1 was acquired from the local authority for an undisclosed sum and has a planning consent for up to 670,000 square feet of logistics space development.

The company is in active occupier discussions for the project and has appointed Graftongate as development manager.

Construction at the project, which is expected to deliver an approximately 7% yield, is slated to commence in the summer of 2018.

LondonMetric was advised by DTRE and Graftongate during the transaction.