Two Yorkshire warehouses acquired in £67m disposal deal
Property firm LondonMetric have announced the disposal of two warehouses in Sheffield and Wakefield to real estate investment specialist Exeter Property Group.
As part of the deal, the group has acquired former Poundworld site in Wakefield comprising 527,000 sq ft of warehouse space for £39.4m, as well as a 335,000 sq ft property in Sheffield for £23.5m.
LondonMetric has retained 290,000 sq ft of warehouse space adjoining the Sheffield property, with the whole area currently let to M&S until April 1.
The deal is the latest acquisition for real estate firm Exeter Property Group, which specialises in the acquisition, development and management of industrial and business park sites.
Andrew Jones, chief executive of LondonMetric, commented: “As a REIT, we continue to be attracted to the income compounding qualities of well let real estate and so have reacted to an off market approach to monetise these two non-income generating properties.
“The receipts will be recycled into more urban logistics assets where valuations are better supported and future rental growth is more certain.”
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →