LondonMetric Property said it had bought two warehouses in Milton Keynes for a total of £31.2m.
The company said the deal reflected a blended net initial yield of 4.4% and a reversionary yield of 5.0%. The buildings have a weighted average unexpired lease term of 22 years and benefited from contractual rental uplifts.
The first property is let to TalkTalk as a data centre and was acquired for £23.9m. It is let for a further 26 years and benefits from annual RPI linked rent reviews of between 2-4%, LondonMetric said.
It also bought an urban logistics warehouse for £7.3m on a new 10 year lease and benefits from annual rent reviews at the higher of open market valuation or RPI between 2% – 5%.
