LondonMetric commits to convenience

Published:  14 July, 2017

LondonMetric buys two M&S retail assets for £25m

LondonMetric Property has bought two M&S stores in Newport, Isle of Wight and Kendal, Cumbria for £24.6m, reflecting a net initial yield of 5.45 per cent.

The two edge-of-town-centre properties are let to Marks & Spencer at a total rent of £1.4m pa, subject to annual rental uplifts of 2 per cent. The existing lease runs for a further ten years.

The acquisitions will complement LondonMetric’s existing convenience portfolio which now includes eight M&S stores and four Aldi stores, is valued at £85 million and has a WAULT of over 13 years.

Chief Executive Andrew Jones said: “Consumer shopping patterns continue to evolve and we remain convinced that logistics and convenience retail are on-going beneficiaries of these changes as retailers look to invest further in their click and collect distribution infrastructure.

LondonMetric was advised by Fawcett Mead and CBRE. Savills and HP4 advised the vendor.

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