Jun 26, 2020

Stonehill Partners advise London Metric on Prime London Last Mile Logistics Investment acquisition.

We are extremely pleased to announce the acquisition of Alito House, London, E10 on behalf of London Metric Property Plc.

This is our second acquisition for the company in the last 12 months targeting the highly sought after London Urban Logistics sub-sector. 

An excerpt from the London Metric Press Release is as follows:

“LondonMetric has also purchased a 32,000 sq ft urban logistics unit in Walthamstow for £10.9 million let to Ocado. The property is a prime, modern and well configured unit located on a two acre site with low site density. It is let for a further 8 years and passing rent is 20-25% below market rent with an open market review in 2023 expected to capture significant rental reversion.

Andrew Jones, Chief Executive of LondonMetric, commented:

“We live in a world of continuing disruption which is exposing both winning and losing strategies almost on a daily basis. These are high quality and well located assets in structurally supported sectors, let to strong occupiers that offer secure triple net income and the certainty of income growth. These investments will increase our exposure further to the winning sectors and occupiers, with Waitrose now a top ten occupier and Ocado a new addition to our customer base. In a macro environment characterised by zero interest rates, well let properties are becoming increasingly sought after.”

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