Further to its announcement on January 31, 2013, LondonMetric Property Plc, the UK REIT, confirms completion of the acquisition of a portfolio of six retail warehouse assets.
The total consideration for the purchase was £92.4 million (approx. 105.8 million) (net of acquisition costs) reflecting an average net initial yield after purchasers' costs of 7.8%.
The acquisition, which delivers day one income of circa £7.5 million (approx. 8.6 million), generates an initial cash return of over 12% when combined with our attractive existing debt facilities and will continue to grow as fixed rental uplifts on approximately 50% of the income fall due.
Source: FTI Consulting