StockMarketWire.com - Property investor and developer LondonMetric Property announced two 'long income' acquisitions for £11.6m, reflecting a blended net initial yield of 5.1%.

The first transaction comprised a sale and leaseback portfolio of five roadside service centres in London for £9.6m. The assets were let to Kwik Fit and located in Barnet, Whetstone, Hounslow, Hammersmith and Slough.

LondonMetric also purchased, via a forward funding contract, a new build roadside asset in Rushden for £2.0m let to Euro Garages.

Together, these assets had a weighted average unexpired lease term - a measure used to judge the value of contracted rents in a property - of 17 years.

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