LondonMetric acquires Superdrug distribution centre

30th Jan 2014 09:35

LondonMetric Property has acquired the Superdrug Distribution Centre in Doncaster, which is fully occupied by the health and beauty chain of the same name.The £13m acquisition had a net initial yield of 7.3% and was funded from existing resources. Superdrug has recently re-geared its lease on the unit, which caters for its online business, to 2025 with a break in 2020. Andrew Jones, the Chief Executive of LondonMetric, said: "This attractive acquisition of Superdrug's distribution centre supports our aspiration to grow our retail distribution portfolio, an area where we will continue to commit capital during 2014. "We look forward to working with Superdrug to facilitate its growing multi-channel strategy."Following the acquisition, the LondonMetric distribution portfolio comprises 11 distribution centres with a combined value of £261.8m. NR