Exeter Property Group has bought two logistics warehouses in Northern England from LondonMetric Property for 拢67m (鈧�78.2m).
LondonMetric said Exeter bought the 527,000sqft property in Wakefield and the 335,000sqft property in Sheffield for 拢43.5m and 拢23.5m respectively.
LondonMetric acquired the Wakefield on practical completion in September 2016 for 拢39.4m. The Sheffield asset was acquired in March 2014 for 拢17.2m.
Andrew Jones, CEO of LondonMetric, said: 鈥淎s a real estate investment trust, we continue to be attracted to the income compounding qualities of well let real estate and so have reacted to an off-market approach to monetise these two non-income generating properties.
鈥淭he receipts will be recycled into more urban logistics assets where valuations are better supported and future rental growth is more certain.鈥�
