Londonmetric Property acquires warehouses

9th Sep 2013 07:06

LondonMetric Property has acquired two distribution warehouses in Northamptonshire and Leicester for 23.1m pounds. In Northamptonshire, the company has purchased a 310,500 sq ft distribution warehouse in Crick from Harbert Europe for £17.9m. The property, which has been let to logistics operator Norbert Dentressengle on a 15-year lease, forms part of a 31 acre redevelopment opportunity. The firm has received planning consent for a new 456,000 sq ft distribution centre at the site. In Leicester the group bought Boden Distribution Unit, Meridian Business Park from a Rockspring managed fund for £5.2m. The 98,400 sq ft warehouse is let to internet and catalogue clothing retailer Boden until 2020. The warehouse, along with an adjacent 84,100 sq ft warehouse, represents Boden's only distribution outlet in the UK. The two acquisitions will be funded from existing resources.LondonMetric distribution portfolio includes eight distribution centres with a combined portfolio value of £195.5m, representing 18% of the group's portfolio.Chief Executive Andrew Jones said the acquisition in Northamptonshire will bring in a strong, income stream and a profitable medium term redevelopment option, in one of the UK's strongest logistics locations. He said in Leicester the company has an opportunity to partner with one of the UK's fastest growing retailers to "lengthen and strengthen the income and improve our capital value"."We have now acquired £88m of distribution property since July this year, which is in line with our on-going strategy to rebalance the portfolio towards distribution opportunities as we continue to grow our rental income and increase our exposure to capital growth opportunities," he added. RD