StockMarketWire.com - Property company LondonMetric Property announced two acquisitions for a total of £72.9m.

Through a £62m sale and leaseback, LondonMetric had acquired a portfolio of five food stores let to Waitrose on new 20 year leases.

Located in Keynsham, Malmesbury, Paddock Wood, Towcester and Yateley 'the stores range in size from 27,000 sq ft up to 43,000 sq ft and also operate as online fulfilment centres for both Waitrose and John Lewis,' the company said.

LondonMetric also purchased a 32,000 sq ft urban logistics unit in Walthamstow for £10.9m let to Ocado. 'It is let for a further 8 years and passing rent is 20-to-25% below market rent with an open market review in 2023 expected to capture significant rental reversion,' LondonMetric Property said.

'Together, these assets generate a total rent of £3.34m a year, reflecting a blended net initial yield of 4.3% and a reversionary yield of 5.0%,' it added.

At 8:23am: [LON:LMP] Londonmetric Property PLC share price was -2.3p at 209.7p



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