30th Jun 2015 06:51
LONDON (Alliance News) - LondonMetric Property PLC on Tuesday said it has struck a deal to acquire a Next PLC distribution warehouse in Doncaster for GBP29 million.
The FTSE 250-listed property investor said it has acquired the property off-market from a private company and said it will be funded from existing resources. The net initial yield on the purchase is 6.3%, it added.
"This is a highly automated warehouse which is let to a great tenant and is a strong addition to our distribution portfolio. It complements our ownership of the nearby Superdrug distribution centre and also increases our exposure to one of the UK's top retailers with whom we already have an excellent relationship," said Chief Executive Andrew Jones.
By Sam Unsted; [email protected]; @SamUAtAlliance
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