- What LondonMetric has acquired a portfolio of roadside assets
- Why Long income assets offer an net initial yield of 5.8%
- What next The assets have a WAULT of 24 years
LondonMetric has completed the acquisition of a portfolio of long income roadside assets for £14.5m.
The deal represents a NIY of 5.9%, which rises to 6.6% after five years. The assets have a WAULT of 24 years.
The portfolio includes 18 highly prominent roadside carwashes, operating under the IMO brand, and a modern Co-op convenience store and petrol station in Wareham.
Andrew Jones, chief executive of LondonMetric, said: “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.”
LondonMetric was advised by Tydus Real Estate on the carwash portfolio and Hartnell Taylor Cook on Wareham.