- LondonMetric Property said Wednesday it had acquired ten single let properties from the ACT Foundation for £55.0m.

The purchase price reflected a day one blended net interest yield of 4.4% and a reversionary yield of 5.3%, the company said.

The ten single let property portfolio consisted of nine urban logistics assets - 50% are located in London and the South East with a further 35% located in the Midlands - totalling 340,000 sq ft and a retail store let to Wickes for a further 14 years.

The portfolio generated income of £2.6m per annum and the average rent was £6.90 per square foot, which is significantly below ERV of £8.10 psf, the company said.

'The portfolio is fully income generating, offers good opportunities to capture strong income growth and increases our urban logistics portfolio to approximately £400m,' said Andrew Jones, Chief Executive of LondonMetric.

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