LondonMetric Property Plc has exchanged on the sale of the 268,000 ft²
) Brake Bros Ltd. distribution facility in Harlow to Tritax Big Box REIT plc for £37.2 mln (approx. €51.4 mln).
The property, which was built in 1989, is owned in a 50:50 joint venture between LondonMetric and Green Park and was acquired in August 2011 for £22.9 mln (approx. €31.6 mln). Last year, LondonMetric accepted a surrender of the 16.8 acre (67,987 m²
) site from Tesco and completed the re-letting to Brake Bros Ltd..
The current passing rent is £1.8 mln pa (approx. €2.5 mln) which will be ‘topped’ up to the next rent review, reflecting a 5.0% net initial yield to the purchaser.
Following this disposal, LondonMetric’s distribution portfolio (including developments) totals £598.1 mln (approx. €826 mln) in 22 distribution centers.