LondonMetric announces £73m of acquisitions and disposals
Real estate group LondonMetric Property Plc has announced the acquisition of a £51m portfolio across the East Midlands and Manchester airports and sold £22m of existing assets that were taken over through takeovers.
The new assets acquired comprise an airside logistics facility let to UPS at East Midlands airport, and a 365-room hotel at Manchester airport.
Both are on very long leases of over 100 years, generating a combined £2.2m of rent per annum.
Meanwhile, the £22m of assets sold consist of five industrial properties taken over through the Urban Logistics REIT acquisition which completed this summer.
"We have continued to monetise assets acquired through takeovers and have now sold eight Urban Logistics REIT assets at strong prices, reflecting the ongoing demand for smaller lot sizes," said chief executive Andrew Jones.
"The proceeds from these and previous sales have been successfully reinvested into high quality, NNN and mission critical assets which are strongly underpinned by significant reversion and materially higher values achievable on vacant possession."
NNN refers to a so-called 'triple net lease', where a tenant in a commercial property is responsible for nearly all property-related expenses, such as taxes, insurance and maintenance.
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