Ardent buys LondonMetric’s Birmingham portfolio for £22m

Ardent UK has bought LondonMetric’s Shelby portfolio for £21.6m. The Birmingham portfolio – its name is a doff of the cap to the Peaky Blinders – includes three multi-let industrial assets totalling 53 units across 235,000 sq ft, located in Halesowen and Aston. They were acquired by LondonMetric in 2019 as part of its Mucklow acquisition for an allocated price of £15.8m. The deal brings Ardent’s industrial portfolio, which launched in March 2021, to more than 2.25m sq ft. Ardent has also bought part of a Gatwick industrial estate for £3.1m in its second purchase from Pears Group. Richard Benson, managing director at Ardent UK, said: “Our focus when building this industrial platform has been on quickly achieving scale and geographic balance with assets that offer asset management potential.” He added: “To grow the portfolio to over 2.25m sq ft in less than 18 months is a sign of our ambition.” LondonMetric has also sold a roadside convenience store in Stamford Hill, N16, for £4m. Since the start of the current financial year, LondonMetric has exchanged on £111m of sales at an average premium of 8% to the 31 March 2022 book value. LondonMetric chief executive Andrew Jones said: “We have continued to react to market interest for our assets and, despite the current macro uncertainty, have achieved strong sales that crystalise attractive returns. This activity continues to ensure that our portfolio remains modern, fit for purpose and positioned to outperform.” Ardent UK was advised by Knight Frank on the Shelby Portfolio and Cushman & Wakefield on 51-55 Gatwick Road. LondonMetric was advised by Acre Capital Real Estate on the Birmingham deal and Lewis & Partners on Stamford Hill. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews