LondonMetric buys Stevenage warehouse for £7.3m
LondonMetric has bought a distribution warehouse in Stevenage for £7.3m at a net initial yield of 6.25%.
FTSE 250
20,831.84
16:39 20/09/24
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FTSE 350
4,543.89
16:49 20/09/24
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FTSE All-Share
4,501.08
17:04 20/09/24
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LondonMetric Property
204.60p
17:15 20/09/24
-0.58%
-1.20p
Real Estate Investment Trusts
2,414.36
16:49 20/09/24
-1.26%
-30.92
The 74,000 sq ft warehouse is located on an established South East distribution park and let to Dixons Carphone for a further nine years at a rent of £6.50 per square foot with a break clause in four years.
Chief executive Andrew Jones said: “We continue to see superior value within the distribution sector where organic rental growth will exceed most other property sectors and this purchase offers strong reversionary potential."