Member Article

LondonMetric acquires a pair of distribution warehouses for £12m

London-based property investor, LondonMetric, has announced the acquisition of two last mile distribution warehouses in Leeds in an eight-figure deal.

The property firm has purchased a 100,000 sq ft site on the Leeds ring road which is close to the M1, which is currently let to Vision Alert Automotives on a new 15 year lease.

Only completed in January, the new warehouse is set to house Vision Alert’s UK headquarters once the automotive safety business has completed consolidating its operations.

The second deal sees LondonMetric acquire an eight-year-old, 49,000 sq ft warehouse close to Leeds city center and the M1/M621 junction, which is currently let to Siemens who have three years remaining on their ten year lease.

Both warehouses were built by CDP Ltd, which is the development arm of Marshall Construction.

Following the double deal, Andrew Jones, Chief Executive of LondonMetric, commented: “We continue to grow our exposure to last mile distribution. As consumer delivery expectations increase, so the requirement for better urban logistics intensifies. These modern warehouses are well located and offer reversionary and asset management potential.”