20th Jan 2015 07:44
LONDON (Alliance News) - LondonMetric Property PLC on Tuesday said it has exchanged contracts on the GBP56.5 million acquisition of a distribution facility in Dagenham in east London.
LondonMetric will buy the 410,000 square foot distribution centre, which is let to Eddie Stobart Ltd, for GBP56.5 million, reflecting a net initial yield of 5.1%.
Stobart has leased the entire distribution centre at a rent of GBP3 million per year for 17 years from August 2014, with fixed annual uplifts of 2% per year.
"This is an exceptional strategic distribution asset in London with excellent asset management and development opportunities. Assets like this rarely become available, further demonstrating our ability to source attractive off-market opportunities within our core sector," said LondonMetric Chief Executive Andrew Jones.
By Sam Unsted; [email protected]; @SamUAtAlliance
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