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LondonMetric Property Buys Superdrug Distribution Centre In Doncaster For GBP13.0M

30th Jan 2014 10:52

LONDON (Alliance News) - Londonmetric Property PLC Thursday said it has exchanged contracts to acquire the Superdrug Distribution Centre in South Elmsall, Doncaster from OLIM Property Limited acting on behalf of BAE Systems Pension Fund for GBP13.0 million.

The purchase price reflects a net yield of 7.3%.

The 292,500 square foot distribution centre is located along the A1 motorway, two miles north west of Junction 38. The unit is fully occupied by healthy and beauty retailer Superdrug which has recently re-geared its lease to 2025 with a break in 2020.

The unit caters for all of Superdrug's online business and is one of only two units in the UK servicing its 900 stores in the UK & Ireland.

"This attractive acquisition of Superdrug's distribution centre supports our aspiration to grow our retail distribution portfolio, an area where we will continue to commit capital during 2014," Chief Executive Andrew Jones said in a statement.

"We look forward to working with Superdrug to facilitate its growing multi-channel strategy," he added.

The acquisition is expected to complete in June and will be funded from existing resources.

The stock was trading at 136.00 pence Thursday, down 0.50 pence or 0.4%.

By Anthony Tshibangu; [email protected]; @AnthonyAllNews

Copyright © 2014 Alliance News Limited. All Rights Reserved.


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