Warehouse investment sale secures 123% return

Demand for logistics warehouses among investors is so strong that LondonMetric secured a 123% return on one it bought in 2013 for £60.5 million.

Investor EQT Exeter paid £102m for the 785,000ft2 single facility in Thrapston, Northamptonshire, which is let to Primark for another 11 years at a rent of £4.4m a year.

Andrew Jones, Chief Executive of LondonMetric, said: “This is a very good asset that has performed strongly, delivering a total return of £76 million since acquisition. The sale price achieved reflects a very competitive bidding process and highlights the depth of demand for well let logistics assets delivering reliable, repetitive and growing income.”

Completion of the sale will take place in February 2022, generating an additional £2.2 million of income. Total proceeds are 8% above the 31 March 2021 book value.

LondonMetric was advised by Knight Frank. The purchaser was advised by DTRE.

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