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LondonMetric doubles down in Milton Keynes

LondonMetric Property has acquired a data centre and urban logistics warehouse, both in Milton Keynes, for a combined £31.2m.

The 66,000 sq ft data centre is let to TalkTalk and was bought for £23.9m and the 42,000 sq ft urban logistics facility was acquired for £7.3m. The blended net initial yield was 4.4%, with a reversionary yield of 5.0%.

The buildings have a WAULT of 22 years and benefit from contractual rental uplifts.

The data centre is let for a further 26 years and benefits from annual RPI-linked rent reviews of between 2%-4%. It exhibits a very low site density of 29% and offers excellent data and power connectivity. The group said TalkTalk had invested significantly into the building.

The urban logistics warehouse is let on a new 10 year lease and benefits from annual rent reviews at the higher of OMV or RPI between 2% to 5%. The building also has a very low site density of 27%, offering LondonMetric development potential.

The acquisitions were made using the proceeds from the sale of three long income assets announced last week.

LMP : LondonMetric doubles down in Milton Keynes

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