LondonMetric Property Plc (“LondonMetric” or the “Group”) announces that it has exchanged on the acquisition of the Royal Mail Distribution Centre in Daventry the disposal of Congleton Retail Park in Congleton. In an off-market deal, LondonMetric has exchanged on the acquisition of Royal Mail’s main distribution centre at Daventry International Rail Freight Terminal (DIRFT) from Meghraj Properties Limited (“Meghraj”) for £36.0 million, reflecting a net initial yield of 6.7%.
Separately, LondonMetric has exchanged on the sale of Congleton Retail Park, Congleton, for £16.39 million to Lothbury Investment Management (“Lothbury”), reflecting a net initial yield of 5.85%. The retail park comprises 64,500 sq ft and is let to tenants including M&S Simply Food, Brantano, Laura Ashley, Carphone Warehouse and Boots with a WAULT of 7.0 years. It was acquired in June 2011 for £14.9 million. Completion is expected later today.