Distribution warehouse in £29m deal

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LONDONMETRIC today revealed that it had acquired a Next distribution warehouse in Doncaster for £29m.

Londonmetric said the off market acquisition is from a private property company and will be funded from the company’s existing resources.

The warehouse is located two miles north west of Junction 38 of the A1(M) in South Elmsall, close to LondonMetric’s Superdrug Distribution Centre. It forms part of Next’s ‘logistics hub’ in the area, with three further Next owner-occupied units on adjacent sites, and a conveyor link bridge to one of these units.

Andrew Jones, chief executive of LondonMetric, said: ‎”This is a highly automated warehouse which is let to a great tenant and is a strong addition to our distribution portfolio. It complements our ownership of the nearby Superdrug Distribution Centre and also increases our exposure to one of the UK’s top retailers with whom we already have an excellent relationship.”

LondonMetric was advised by Savills and the vendor was advised by JLL.