LondonMetric adds to last-mile portfolio

LondonMetric has bought two last-mile logistics assets in Fulham, SW10 and Tottenham, N17, for £20m. The properties, which total 44,000 sq ft, were acquired with vacant possession in two separate transactions. LondonMetric will refurbish both properties at a cost of £1.4m. Once fully let they are expected to deliver a blended yield on cost of 4.5%. A prelet of 60% of the 21,000 sq ft warehouse in Fulham has already been agreed with dark kitchen operator Jacuna Kitchens. LondonMetric chief executive Andrew Jones said: “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.”   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews