LondonMetric Property PLC has sold the 170,000 sq ft Travis Perkins distribution facility in Brackmills, Northamptonshire to CBRE Global Investors for £14.4 million.
The facility was acquired in November 2013 for £9 million, with four months remaining on the lease. The lease was subsequently re-geared to a ten year term, at a yield on cost of 8 per cent.
The disposal leaves LondonMetric’s distribution portfolio with a total of 21 assets valued at £584.3 million, with a Weighted Average Unexpired Lease Term (WAULT) of 14.5 years and 52.1 per cent of income subject to fixed uplift or RPI increases.
Distribution facilities account for 44 per cent of LondonMetric’s total portfolio.
Andrew Jones, Chief Executive of LondonMetric said: “This is another very good asset that has performed strongly as a result of our active asset management. We will look to recycle the disposal proceeds into other accretive distribution assets”
LondonMetric was advised by North Rae Saunders while CBREGI was advised by Lindley Mortimer.
LondonMetric focuses on an occupier-led approach to property investment through acquisitions, joint ventures, active asset management and short-cycle developments throughout the UK.
