StockMarketWire.com - Property investor LondonMetric Property said it had acquired three urban logistics warehouses for £35.4 million in separate transactions.

The deals reflected a blended net initial yield of 4.4% and a reversionary yield of 4.9%.

The properties generated a rent of £1.7 million per annum with 83% of the income benefiting from RPI or CPI linked rent review.

The comprised a 130,000 square foot warehouse in Worthing, acquired for £19 million through a sale and lease back transaction with Bowers & Wilkins.

A 50,000 square foot warehouse in Uckfield was acquired for £10.3 million and let to John Lewis for a further 15 years with RPI linked rent reviews.

A 47,000 square foot warehouse in Exeter was acquired for £6.1 million and let to Jewson for a further 17 years.


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