LondonMetric Property has acquired c.€17m (£14.5m) of long income roadside assets, reflecting a NIY of 5.9% which rises to 6.6% after five years. The acquisitions comprise a portfolio of 18 highly prominent roadside carwashes, operating under the IMO brand, and a modern Co-op convenience store and petrol station in Wareham. The assets have a WAULT of 24 years and all benefit from inflation-linked rental uplifts.
Andrew Jones, Chief Executive of LondonMetric, commented: “We continue to actively acquire long let convenience assets as part of our long income portfolio diversification. We have been steadily building up our roadside exposure which now totals c.€46.7m (£40m) and delivers an attractive triple net income, let on very long leases, with the certainty of income growth.”