Project George, three distribution units located in Alfreton, Leicester and Northampton
sold
Atlas Real Estate has recently completed the sale of prime distribution portfolio on behalf of LondonMetric plc.
The portfolio comprises three distribution units located in Alfreton, Leicester and Northampton and extends to 265,101 sq.ft. The properties are let to DHL (Alfreton & Leicester) and NNR Logistics (Northampton) with a WAULT to break of 2.1 years and expiry of 2.8 years. The total current income is £1,253,000 per annum.
The portfolio was acquired by Urban Logistics REIT, represented by M1 Agency, for £19,000,000 which reflects a net initial yield of 6.02%.
LondonMetric Plc, also represented by Atlas Real Estate, has exchanged with Urban Logistics REIT, represented by M1 Agency, on a further portfolio of three distribution units and a site which will complete on 7 September 2018.
The portfolio comprises three distribution units located in Northampton, Nottingham and Sheffield with the site also located in Nottingham adjacent to the distribution unit. The properties are let to Encon Ltd (Northampton), Hillarys Blinds Ltd (Nottingham) and Cogne UK Ltd (Sheffield) with a WAULT to expiry of 7.9 years. The total current income is £1,023,310 per annum.
The price is £16,500,000 which reflects a net initial yield of 5.81%.
Both portfolios total £36,000,000 reflecting a net initial yield of 5.92%.
