London property specialist sells Primark warehouse in £102m deal

A London property company has announced that it has sold a Primark distribution warehouse in a deal worth more than £100m.

LondonMetric Property reported today that it has sold its 785,000 sq ft warehouse in Thrapston to EQT Exeter for a price of £102m.

The warehouse, which is let to Primark for the next 11 years, was acquired by LondonMetric in 2013 for £60.5m, and since then has delivered a total return of 123 per cent.

The sale will complete in February 2022, generating an additional £2.2m of income for LondonMetric, which is retaining a second Primark logistics warehouse.

Andrew Jones, chief executive of LondonMetric, commented: “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.”

LondonMetric was advised by Knight Frank and the purchaser was advised by DTRE.