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LondonMetric purchases 14 warehouses from Cabot

11 August 17 - Irene Theofanidou
LondonMetric purchases 14 warehouses from Cabot

DEALS

DATE BUYER SELLER
19 October 17 Pacific Castle Shopcore
17 October 17 Credit Suisse Asset Management Legal & General capital

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GAIAOSE S.A.

Agency - GREECE

ETAD.A.E.

Public entity - GREECE

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

NAI Hellas

Consultant - GREECE

Solum Property Solutions

Consultant - GREECE

PEOPLE

LondonMetric Property Plc (“LondonMetric”) announced the acquisition of 14 urban and regional logistic warehouses for £116.60 million from Cabot Properties (“Portfolio”).

 

The purchase price reflects a day one yield on cost of 6.1% and a reversionary yield of 6.6%.  The  1.3  million  sq  ft  of  warehouses  are in established  distribution  locations  where  there  is excellent motorway connectivity and strong occupier demand. 

11 of the 14 buildings are “last mile”/urban logistic warehouses and over half are located in the South East and Midlands.

The Portfolio has a WAULT of 5.6 years and is let at a low average rent of £5.50 psf (ERV of £6.00 psf). 

Over 60%  of  the  £7.2  million  income  is  from  retailers  and  third  party  logistics  operators including DHL, Howdens, Unipart and Royal Mail.

  This acquisition increases LondonMetric’s distribution weighting to 69% and LTV to 37%1,2.

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