LondonMetric announces that it has acquired two M&S stores in Newport, Isle of Wight and Kendal, Lancashire for €27.9m (£24.6m), reflecting a NIY of 5.45%.
The two edge of town centre properties are let to Marks & Spencer at a total rent of €1.6m (£1.4m) pa, subject to annual rental uplifts of 2%. The existing lease runs for a further ten years.
The acquisitions will complement LondonMetric’s existing convenience portfolio which now includes eight M&S stores and four Aldi stores, is valued at €96.4m (£85m) and has a WAULT of over 13 years.
Andrew Jones, Chief Executive of LondonMetric, commented: “Consumer shopping patterns continue to evolve and we remain convinced that logistics and convenience retail are on-going beneficiaries of these changes as retailers look to invest further in their click and collect distribution infrastructure. We have very good relationships with M&S and this is a rare opportunity to acquire two strongly performing stores.”
LondonMetric was advised by Fawcett Mead and CBRE. Savills advised the vendor.
