Warehouse acquisition
LondonMetric Property has announced the acquisition of 14 urban and regional logistic warehouses for £116.60 million from Cabot Properties.
The 1.3 million sq ft of warehouses are in established distribution locations where there is excellent motorway connectivity and strong occupier demand. 11 of the 14 buildings are last mile/urban logistics warehouses and over half are located in the South East and Midlands.
Over 60% of the £7.2 million income is from retailers and third party logistics operators including DHL, Howdens, Unipart and Royal Mail.
Andrew Jones, chief executive of LondonMetric, says: “The urban logistics market continues to benefit from a highly favourable demand/supply imbalance and this acquisition further increases our critical mass in this sub-sector to over £260 million across 38 assets.”
