LondonMetric Property Plc has sold a portfolio of six distribution warehouses for £57.3 million to Canmoor and Canadian institutional investor, AIMCo.
The portfolio has been acquired over a number of years, including last year’s acquisition of A&J Mucklow, and is located in Worcester, Leamington Spa, Royston, Castle Donnington, Milton Keynes and Huyton. Most of the buildings were constructed in the 1990s.
The properties are let to retailer Hamleys, CEVA, ITAB, Transmec and Groupo Antolin, an automotive supplier to JLR.
Completion of the sale is delayed until 25 March 2021, allowing LondonMetric to receive £1.5 million of additional rent.
Andrew Jones, Chief Executive of LondonMetric, said: “The attractive demand: supply dynamics in distribution and the increasing weakness in legacy sectors is attracting substantial capital into the logistics sector from both new and existing investors.
“Whilst we seek to avoid unnecessary asset turnover, we will always take advantage of strong approaches for our assets. These proceeds will be reinvested into other quality opportunities in the strongest geographies where rental growth over the long term will be superior.”
LondonMetric was advised by ACRE Capital Real Estate.