LondonMetric Property Plc announced the acquisition of six London urban logistics warehouses in separate transactions for a total investment of £26.7 million, reflecting an anticipated blended initial yield of 4.3% and a reversionary yield of more than 4.5%. Three properties in Colliers Wood, Stratford and Stockwell have been acquired with vacant possession and will be redeveloped or refurbished at an anticipated yield on cost of 4.5%. The remaining properties in Hackney, Acton and Thamesmead are fully let with a WAULT of 11.4 years and have been acquired at a NIY of 3.9% and a reversionary yield of 4.7%.

The assets are expected to generate a total rent of £1.2 million p.a. Separately, LondonMetric has sold a multi-let industrial estate in Crawley for £8.5 million, reflecting a NIY of 3.5%. The units have a WAULT of three years and have been sold at a material premium to book value.