LondonMetric drives €106m property transactions

UK REIT LondonMetric has transacted a total of £91 mln (€106 mln) worth of real estate.

Weymouth - LondonMetric

The company sold £64.4 mln (€75.1 mln) of retail properties at a Net Initial Yield (NIY) of 4.98%. This included the 6,550 m2 Cantium Retail Park in South East London, which was sold for £48.5 mln (€56.6 mln); LondonMetric’s share of the sale amounted to £33.5 mln (€39.1 mln). Originally acquired for £38 mln (€44.3 mln) in 2022, LondonMetric increased the annual rent from £1.4 mln (€1.6 mln) to £2.5 mln (€2.9 mln) by renegotiating leases with existing tenants, such as B&Q and Pets at Home, and introducing new brands including Tapi, Starbucks, Burger King, and InstaVolt. The park’s leases have 12 years remaining.
Additionally, a new 3,716 m2 M&S store in Weymouth was sold for £15.9 mln (€18.5 mln). LondonMetric anticipates completing the development of this store in March 2026. It features a new 15-year lease generating £0.9 mln (€1.05 mln) in annual rent. This sale marks LondonMetric’s complete exit from the larger 10,219 m2 development project.
These disposals were in line with book values, bringing LondonMetric’s total asset sales for this financial year to over £280 mln (€326.6 mln).
On the acquisition side, LondonMetric purchased two warehouses for £26.2 mln (€30.5 mln), both of which are leased to Booker:
South Elmsall, Doncaster: A modern 14,772 m2 logistics warehouse acquired for £16.9 mln (€19.7 mln). The property generates £1.2 mln (€1.4 mln) in annual rent and offers future development potential, with planning permission already in place for an additional 11,799 m2 warehouse.
Southend-on-Sea: An 8,640 m2 Booker Cash & Carry purchased for £9.25 mln (€10.8 mln). This asset generates £0.7 mln (€0.8 mln) in annual rent and has four years remaining on the lease.