9th Sep 2013 11:49
LONDON (Alliance News) - LondonMetric Property PLC said Monday that it had exchanged contracts to acquire a 310,500-square-foot distribution warehouse in Northamptonshire and a 98,400-square-foot distribution warehouse in Leicester for a total of GBP23.1 million.
It said it would fund the acquisitions with existing resources.
The warehouse in Crick, Northamptonshire, was purchased from Harbert Europe for GBP17.9 million and was recently let to logistics operator Norbert Dentressengle on a 15-year lease. The warehouse in the Meridian Business Park in Leicester was purchased from a Rockspring managed fund for GBP5.2 million and is let to clothing retailer Boden until 2020.
"These acquisitions further demonstrate our ability to identify value in an increasingly competitive market place," said Chief Executive Andrew Jones in a statement. "In Northamptonshire we will benefit from a strong, secure income stream together with a profitable medium term redevelopment option in one of the Uk's strongest logistics locations. In Leicester we have an exciting opportunity to partner with one of the UK's fastest growing retailers to lengthen and strengthen the income and improve our capital value.
The real estate investment trust's shares were trading up 2.9% at 113.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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