LondonMetric has acquired an urban logistics property in Leicester as part of a duo of deals worth £28.8 million.
The REIT has snapped up a 125,000 sq ft urban logistics forward fund development at Crosslink 646 in Leicester which consists of two units and is expected to complete at the start of 2023.
The largest unit totalling 90,000 sq ft is pre-let to EM Pharma Ltd on a new 15 year lease. The smaller 35,000 sq ft unit will be developed speculatively. The property is expected to be certified BREEAM Very Good with the benefit of a solar PV installation.
LondonMetric has also acquired a 9 acre site in Droitwich which is used for vehicle storage and let to Amazon.
Andrew Jones, Chief Executive of LondonMetric, said: “We are continuing to allocate capital into the strongest geographies within the distribution sector, where we can benefit from attractive entry yields and structurally supported occupier demand to capture superior rental growth.”
