UK real estate investment trust LondonMetric Property has completed the acquisition of a portfolio of six retail warehouse assets.
The total consideration for the purchase was GBP92.4m (net of acquisition costs) reflecting an average net initial yield after purchasers’ costs of 7.8 per cent.
The acquisition, which delivers day one income of circa GBP7.5m, generates an initial cash return of over 12 per cent when combined with the Reit’s existing debt facilities and will continue to grow as fixed rental uplifts on approximately 50 per cent of the income fall due.