New acquisitions bring London property group's portfolio to £1bn

A London property group has announced that it has acquired three logistics warehouses across the capital in deals totalling £18.7m.

LondonMetric Property reported today that it has purchased three urban logistics properties in Croydon, Dunstable and Warrington.

The acquisitions are part of LondonMetric’s strategy to grow its urban logistics portfolio, which is now worth £1bn.

The Croydon property, a 28,000 sq ft warehouse which is let to HTC Group, has been acquired for £5.3m.

In Dunstable, a 19,000 sq ft urban warehouse let to Deralam Laminates has been acquired for £3m.

The third property, in Warrington, is 73,000 sq ft of warehousing space let mostly to IKEA, and has been acquired for £10.4m.

Andrew Jones, chief executive of LondonMetric, commented: “Through high quality acquisitions, we continue to grow our urban logistics portfolio which now totals £1bn.

“These purchases are very well located with high residual values, offering attractive yields and strong rental growth prospects through open market reviews and/or re-let opportunities.”

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