LondonMetric acquires 2 logistics warehouses for $30.3 million

LondonMetric, a property company, has acquired two logistics warehouses for 23.5 million pounds ($30.3 million), reflecting a blended net initial yield of 4.9 percent, expected to rise to 5.6 percent over five years.

The first warehouse is 48,000 square feet, and currently, let to U.S.-based pallet supplier CHEP at a rent of $903,017 per annum. The site is in central park in Avonmouth, Bristol.

The second property is an 80,000 square feet warehouse in Cambridgeshire and is currently let to UK-based nutritional ingredient wholesaler Cambridge Commodities at a rent of $644,911 per annum.

LondonMetric noted that these two modern warehouses are fully income generating, let for an average of 13 years to established occupiers and benefit from guaranteed rental growth.