LondonMetric acquires East London facility for £56.5m

20th Jan 2015 07:36

LondonMetric Property has acquired a East London distribution facility Eddie Stobart from Meaalofa Developments Holdings for £56.5m.The acquisition has brought LondonMetric's distribution portfolio up to £611.8m, which the group claimed now represents 46% of its total portfolio.Chief executive Andrew Jones said: "Assets like this rarely become available, further demonstrating our ability to source attractive off-market opportunities within our core sector."We are excited at the prospect of working with Eddie Stobart to maximise the site's potential and share in its future growth, underpinning our strategy of working with tenants to deliver high occupier contentment."The 28-acre site is currently let in its entirety to Eddie Stobart at a real agreement of £3m per annum for 17 years from August 2014, with annual fixed uplifts of 2%.