London Metric Buys Three Urban Logistics Warehouses For 35.4 Mln Pounds

London Metric Property Plc (LMP.L), which owns and manages real estate, on Tuesday announced acquisition of three urban logistics warehouses for 35.4 million pounds.

The properties generate a yearly rent revenue of 1.7 million pounds with 83 percent of the income benefiting from RPI or CPI linked rent review, the London-based company said in a statement.

The newly acquired warehouses have a weighted average unexpired lease term or WAULT of 15 years. The 130000 square feet property in Worthing, has been purchased for 19.0 million pounds through a sale and leaseback transaction with Bowers & Wilkins. The occupier has approved a new 15-year lease with rent reviews linked to CPI.

The 50,000 square feet building in Uckfield, was acquired for 10.3 million pounds and let to John Lewis for a further 15 years with RPI linked rent reviews.

The third 47,000 square feet property in Exeter was purchased for 6.1 million pounds and let to Jewson for a further 17 years, with the next review in March 2022.

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