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
20,508.75
15:45 15/11/24
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FTSE 350
4,453.56
15:45 15/11/24
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FTSE All-Share
4,411.85
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LondonMetric Property
188.30p
15:45 15/11/24
-0.21%
-0.40p
Real Estate Investment Trusts
2,144.53
15:44 15/11/24
0.62%
13.29
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."