LondonMetric acquires two warehouses for £12m

LondonMetric Property has acquired two last mile distribution warehouses in Leeds for £12.0 million, reflecting a blended NIY of 6.0% and a reversionary yield of 6.5%.

LondonMetric has acquired a new 100,000 sq ft warehouse on the Leeds ring road, close to the M1.

The warehouse was completed in January and let to Vision Alert Automotives on a new 15 year lease at £5.00 psf with open market rent reviews.

LondonMetric said the occupier was consolidating its operations and the new unit would serve as its UK headquarters.

LondonMetric has also acquired a 49,000 sq ft warehouse in an established location close to Leeds city centre and the M1/M621 junction.

The warehouse was built in 2009 and is let to Siemens plc at £5.25 psf with three years remaining of the ten year lease.

The two warehouses were built by CDP Ltd, the development arm of Marshall Construction.

At 9:59am: (LON:LMP) LondonMetric Property share price was +1.6p at 154.8p

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