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LondonMetric purchases 14 warehouses from Cabot

11 August 17 - Irene Theofanidou
LondonMetric purchases 14 warehouses from Cabot

COMPANIES

GAIAOSE S.A.

Agency - GREECE

ETAD.A.E.

Public entity - GREECE

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

Eurobank Property Services

Consultant - GREECE

IBI Group

Consultant - GREECE

PEOPLE

Antulio Richetta

Director IBI Group

Dimitris Andritsos

CEO of Eurobank Property Services S.A Eurobank Property Services
LondonMetric Property Plc (“LondonMetric”) announced the acquisition of 14 urban and regional logistic warehouses for £116.60 million from Cabot Properties (“Portfolio”).

 

The purchase price reflects a day one yield on cost of 6.1% and a reversionary yield of 6.6%.  The  1.3  million  sq  ft  of  warehouses  are in established  distribution  locations  where  there  is excellent motorway connectivity and strong occupier demand. 

11 of the 14 buildings are “last mile”/urban logistic warehouses and over half are located in the South East and Midlands.

The Portfolio has a WAULT of 5.6 years and is let at a low average rent of £5.50 psf (ERV of £6.00 psf). 

Over 60%  of  the  £7.2  million  income  is  from  retailers  and  third  party  logistics  operators including DHL, Howdens, Unipart and Royal Mail.

  This acquisition increases LondonMetric’s distribution weighting to 69% and LTV to 37%1,2.

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