Thursday, August 6, 2020

Newark mega warehouse sold for £80.8m

LondonMetric Property has sold a 726,000 sq ft mega warehouse in Newark to an international investor for £80.8 million.

The asset was acquired in 2014 for £68.5 million and is let to Dixons Carphone for a further 14 years.

The sale was part of a wider cohort of deals involving two distribution warehouses in Doncaster, measuring 330,000 sq ft and 176,000 sq ft, which have been sold to an overseas buyer for £51.2 million (£47.9 million at share), and a 152,000 sq ft regional distribution centre in Rotherham, which has been sold to a global investor for £13.3 million.

Andrew Jones, Chief Executive of LondonMetric, said: “We have taken the opportunity to respond to global investor demand for distribution warehousing to monetise some of our larger assets in geographies where we expect income growth to be more muted. The sales further improve the income diversification of our largest occupiers and provides headroom to invest further into urban logistics, which continues to offer superior income growth prospects.”

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