LondonMetric Property Plc, the UK property investment company, a FTSE 250 REIT, listed on London Stock Exchange, has acquired £14.5 million of long income roadside assets, reflecting a net initial yield (NIY) of 5.9% which rises to 6.6% after five years.
The acquisitions comprise a portfolio of 18 highly prominent roadside carwashes, operating under the IMO brand, and a modern Co-op convenience store and petrol station in Wareham. The assets have a WAULT of 24 years and all benefit from inflation linked rental uplifts.
“We continue to actively acquire long let convenience assets as part of our long income portfolio diversification. We have been steadily building up our roadside exposure which now totals c.£40 million and delivers an attractive triple net income, let on very long leases, with the certainty of income growth,” said Andrew Jones, Chief Executive of LondonMetric.
LondonMetric was advised by Tydus Real Estate on the carwash portfolio and Hartnell Taylor Cook on Wareham.
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