11th Nov 2013 11:28
LONDON (Alliance News) - LondonMetric Property PLC Monday said it has acquired the Travis Perkins Distribution Centre in Brackmills, Northampton for GBP9.0 million.
The deal will be funded from existing resources, LondonMetric said. It didn't identify the seller of the waerhouse.
The property company said the 170,300 sq ft distribution centre, which will be occupied by Travis Perkins until March 2014, is strategically located on the Brackmills Industrial Estate with extensive frontage to the A45 dual carriageway. LondonMetric said it is already in detailed discussions with Travis Perkins about extending their lease.
Following this acquisition, the LondonMetric distribution portfolio comprises nine distribution centres with a combined value of GBP212.8 million, representing 19% of the group's portfolio.
Separately, LondonMetric has completed with Travis Perkins the renegotiation of three Wickes leases at Barnsley, Chatham and Oxford, on behalf of its MIPP joint venture with the Universities Superannuation Scheme
The average unexpired lease term on these properties was extended from 7.3 years to 21.7 years, LondonMetric said.
The stock was trading at 129.02 pence Monday morning, up 0.52 pence or 0.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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