LondonMetric Property has sold Tesco’s logistics warehouse in Bolton for €27.5m (£24.4m), reflecting a NIY of 5.35%. The 274,000 ft² regional warehouse was acquired as part of the €132m (£117m) Cabot logistics portfolio in August 2017 of a blended NIY of 6.1%.
The unit is let to Tesco for a further four years at a rental of €1.57m (£1.395m) pa, off €5.95 (£5.27) psf.
LondonMetric continues to retain the remaining 13 logistics assets from the Cabot portfolio of which 11 are urban logistics.
Andrew Jones, Chief Executive of LondonMetric, commented: “Consumer shopping patterns in food retailing continue to evolve quickly and so in response to strengthening investor appetite for logistics assets over the last few months, we have decided to monetise this asset. In line with our strategy, we will recycle the proceeds into our growing urban logistics portfolio and our development pipeline which offer more attractive yields and greater certainty of growth.”
