24th Mar 2014 10:24
LONDON (Alliance News) - Londonmetric Property PLC Monday said it has acquired the Oak Furniture Land Distribution Centre in South Marston Park, Swindon from property firm IM Properties in a deal worth GBP22 million, reflecting an initial yield of 6.5%.
The site consists of 302,000 square feet of warehouse space, with unimplemented planning consent for a further 150,000 square feet of distribution space. The unexpired lease term is 13.6 years.
The acquisition will be funded from the group's existing resources.
Following this acquisition, LondonMetric's distribution portfolio comprises 13 distribution centres with a combined value of GBP316.1 million, representing 28% of the enlarged group's portfolio.
The stock was trading flat at 143.40 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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