LondonMetric buys six London warehouses for £26.7m

LondonMetric Property on Monday said it had bought six London urban logistics warehouses in separate transactions for £26.7m, reflecting an anticipated blended initial yield of 4.3% and a reversionary yield of more than 4.5%.

The assets are expected to generate a total rent of £1.2m a year. In a separate deal, the company sold a multi-let industrial estate for £8.5m.

"With the logistics market incredibly well bid, we are increasing our investment focus towards smaller opportunities in the strongest urban centres where we can leverage our asset management expertise to significantly enhance returns,” said chief executive Andrew Jones.