LondonMetric buys five urban logistics warehouses

LondonMetric Property has bought five urban logistics warehouses for £25.6m, and also disposed of a regional warehouse in Doncaster for £15.0m.

The five urban logistics warehouses are located in Leyton, Weybridge, Peterborough, Cheltenham and Haverhill, with occupiers including Clipper Logistics, FedEx and Tesla.

The Doncaster warehouse was a 290,000 sq ft facility let to Superdrug which LondonMetric bought in 2014 for £13m.

In a statement issued on Friday (6 April), Andrew Jones, Chief Executive of LondonMetric, commented: “The investment market for logistics assets continues to enjoy strong structural support. We have therefore decided to monetise one of our oldest and shortest let regional assets to allow us to focus on growing our urban logistics portfolio, which offers greater certainty of occupation, income and future valuation growth.

“These new investments meet our objective of owning long let assets in strong locations that offer excellent potential for income growth.”