London property firm expands to Fulham and Tottenham with £20m acquisition

A London-based property management company has announced the acquisition of two logistics assets in Fulham and Tottenham for £20.2m.

LondonMetric Property plc has stated the assets will add 44,000 sq ft to its nationwide real estate portfolio of 15m sq ft.

The firm, specialising in urban logistics space, will refurbish both properties at a cost of £1.4m which, once fully let, is expected to deliver a blended yield on cost of 4.5 per cent.

At the 21,000 sq ft warehouse in Fulham, terms have already been agreed with Jacuna Kitchens, a dark kitchens operator, to pre-let around 60 per cent of the space.

Andrew Jones, chief executive of LondonMetric, commented: “It is clear that occupier demand for urban logistics assets in the strongest geographies is delivering superior rental growth.

“These acquisitions form part of LondonMetric’s strategy to increase its urban logistics investment within London and the South East, where there is a high intrinsic land value from alternative use.”

The company also acquired spaces in Brent Cross and Streatham earlier this year.