LondonMetric Property Plc announced earlier this morning that they have acquired two urban logistics warehouses in London and Redditch for a combined price of £13.2 million.
The London warehouse is located just outside the A406 North Circular in Alperton between Perivale, Wembley and Park Royal and is a 20,000 sq ft facility. Costing London Metric £7.7 million, the warehouse is currently let to Ford as a service and parts centre and has been comprehensively refurbished.
Meanwhile, the warehouse in Redditch is a newly developed 46,000 sq ft urban warehouse that was acquired for £5.5 million. Located on a new logistics park 2 miles from the town centre; the facility is currently let to Heartbeat Manufacturing, a leading manufacturer and distributor of display innovations.
Commenting on the acquisitions Andrew Jones, Chief Executive of LondonMetric, said: “These are high-quality urban logistics acquisitions let on long leases with guaranteed rental growth. They are well located, in good geographies where the underlying value of the land significantly underwrites the purchase price.”