LondonMetric Property Plc has acquired a £51m portfolio and transacted on £22m of sales. The £51.1m portfolio consists of a logistics warehouse at East Midlands Airport and a hotel at Manchester airport.
The state-of-the-art and highly automated 450,000 sq ft airside logistics facility at East Midlands Airport is let to UPS at a rent of £1.16m pa (£2.60 psf). Developed by UPS at their own cost, the facility is their second largest cargo facility in Europe and is their primary gateway in the UK.
The Clayton hotel at Manchester Airport totals 365 rooms and generates £1.07m of rent pa. The hotel performs strongly due to its airport proximity, and the tenant recently secured planning consent to build a 214-bed extension.
The £22.1m of disposals consist of five former Urban Logistics REIT assets, including an urban warehouse in Redditch and a portfolio of four industrial open storage assets in Telford, Sheffield, Leigh and Northampton let primarily to XPO and DX.
Andrew Jones, chief executive of LondonMetric, said: “We have continued to monetise assets acquired through takeovers and have now sold eight Urban Logistics REIT assets at strong prices, reflecting the ongoing demand for smaller lot sizes.
“The proceeds from these and previous sales have been successfully reinvested into high quality, NNN and mission critical assets which are strongly underpinned by significant reversion and materially higher values achievable on vacant possession.”
