London & Stamford has confirmed the purchase of a portfolio of 16 warehouses in a multi-million pound deal.
Property investment firms have exchanged contracts on a £208.5 million deal on a portfolio of warehouses.
Commercial development company London & Stamford has purchased the facilities from Warner Estate Joint Ventures, which provides an equity yield of 15.3 per cent rising to 18.5 per cent when all are fully let.
Currently, 14 of the 16 distributions centres across the country already have tenants, including Travis Perkins and supermarket giant Tesco.
Letting the two remaining units will earn London & Stamford an extra £1.55 million per year, the firm claims.
"The portfolio represents exceptional value and combines prime quality assets in prime locations, good tenant mix, secure income and an attractive cash on equity return," said non-executive chairman of London & Stamford Property Raymond Mould.
Earlier this month, it was reported that Legal & General Property had been advised by CB Richard Ellis to purchase four industrial properties in an £24 million deal.
Posted by Hadji Singh.
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