LondonMetric targets urban logistics market
LondonMetric Property has acquired 14 urban and regional logistics warehouses for £116.6 million from Cabot Properties.
The 1.3 million sq ft of warehouses are in established distribution locations, and 11 of the 14 buildings are “last mile”/urban logistic warehouses.
Chief executive Andrew Jones said: “The urban logistics market continues to benefit from a highly favourable demand/supply imbalance and this acquisition further increases our critical mass in this sub-sector to over £260 million across 38 assets. The acquired portfolio is fully income generating and offers good opportunities to extend lease lengths and capture strong income growth.”