LondonMetric Property has transacted on £70m of warehouse acquisitions and £50m of non-core disposals.

The property company revealed the £70m of acquisitions consist of seven warehouses with a WAULT of 15 years, acquired at a blended NIY of 5.8%, rising to a minimum of 6.1% over the next two years, and 6.5% after five years.

Among the warehouses are a regional logistics warehouse in Avonmouth let to Farmfoods acquired through a sale and leaseback for £26.4m, as well as a logistics park in Wednesbury acquired from a pension fund for £25m.

The other five are trade warehouses in Leeds, Derby, Swindon, Bolton and Farnham acquired for £18.9m. Two of these have been let to Travis Perkins, two to MKM, and the other to Jewson.

The £50m of disposals by LondonMetric consist of 10 former LXi assets and a former CTPT asset, which have been sold at a blended NIY of 7.2%.

LondonMetric chief executive, Andrew Jones, commented: “We have been very clear on our desire to monetise some assets acquired from our corporate takeovers. We have now sold c.£100m of LXi assets, with 13 of the 16 non-core CTPT assets also sold at an average of 14% above our original underwrite values.

“We have successfully reinvested these proceeds into high quality properties, in stronger sectors that will deliver accelerated income growth.”

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