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LondonMetric completes £24m logistics warehouse treble deal

Property firm LondonMetric Property plc has completed the acquisition of three major urban warehouses across the UK, including a site with close range of Gatwick Airport.

The three separate deals will see LondonMetric add a 51,000 sq ft warehouse near Gatwick in Crawley, a 90,000 sq ft warehouse adjacent to Coventry Airport and a 120,000 sq ft facility in Huyton on the M62/M57 intersection for a combined £23.9m.

All three are currently let to big-name tenants on long leases with TNT sitting on a 6 year lease in Crawley while DHL have recently signed a new ten year lease for the Coventry site and Antolin Interiors have just agreed a new 15 year lease in Huyton.

Andrew Jones, Chief Executive of LondonMetric, said the purchases continued the growth trend in the investor’s urban logistics portfolio which now stands at £185m across 26 assets.

He commented: “Following these purchases, the proceeds of our recent equity raise have now been fully committed in line with our strategy, into attractive real estate that offers high occupier appeal, in strong locations with good reversionary potential.”

LondonMetric was advised by Cogent Real Estate and FTD Johns on the Crawley site. Levy advised the firm on its Coventry acquisition and JLL advised on Huyton. Lambert Smith Hampton and CBRE acted for the vendors on Coventry and Huyton respectively.

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