LondonMetric has announced the acquisition of two urban logistics warehouses for a combined sum of £13.2m.
Situated in London and Redditch, the sites are let for 15 years and reflect a blended net initial yield of 4.7%.
Comprising 20,000 sq ft of newly refurbished warehouse space, the London development has been acquired for £7.7m.
Located at a new logistics part two miles from Redditch town centre, the second property totals 46,000 sq ft and was bought for £5.5m.
Andrew Jones, chief executive at LondonMetric, said: “These are high quality urban logistics acquisitions let on long leases with guaranteed rental growth.
“They are well located, in good geographies where the underlying value of the land significantly underwrites the purchase price.”
The acquisitions came just days before the firm appointed Kitty Patmore as an independent non-executive director at the company.
Patrick Vaughan, chairman at the group, said that the company will “benefit from her significant real estate and capital markets experience”.