StockMarketWire.com - LondonMetric Property said Friday it acquired five urban logistics warehouses for £25.6m, and sold a warehouse in Doncaster for £15.0m.

The five urban warehouses were bought for £25.6m, with a lease length of 16 years, reflected a blended net initial yield of 5.0%, rising to 5.6% over the next five years. The occupiers of the warehouse - located in Leyton, Weybridge, Peterborough, Cheltenham and Haverhill - included Clipper Logistics, FedEx and Tesla. The Doncaster warehouse was sold for £15.0m, reflected a net initial yield of 6.2%. The building was let for a further 8 years with 3 years to break.

Andrew Jones, Chief Executive of LondonMetric, said: '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.'



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