Londonmetric acquires six warehouses for 92.4m pounds

21st Feb 2013 09:22

LondonMetric Property has completed the acquisition of a portfolio of six retail warehouse assets for a total consideration of 92.4m pounds.The FTSE 250-listed company said that the acquisition would deliver a "day one income of circa £7.5m" and generate an initial cash return worth more than 12% when combined with LondonMetric's debt facilities.The company said this would continue to grow as fixed rental uplifts on approximately 50% of the income fell due.Londonmetric was established in January 2013 as a result of the merger between London & Stamford Property and Metric Property Investments. Its strategy is to deliver returns for shareholders by increasing income and improving capital values.MF