LondonMetric Property PLC - invests in distribution and long-income properties across UK - Acquires six urban logistics warehouses in London in separate transactions, for £26.7 million total. Anticipates a blended initial yield of 4.3% and a reversionary yield of more than 4.5%. Expects the assets to generate a total rent of £1.2 million per year.

Notes that it sold a multi-let industrial estate in Crawley for £8.5 million, reflecting a net initial yield of 3.5%. Says the units have a weighted average unexpired lease term of three years and have been sold at a ‘material premium’ to book value.

‘With the logistics market incredibly well bid, we are increasing our investment focus towards smaller opportunities in the strongest urban centres where we can leverage our asset management expertise to significantly enhance returns,’ Chief Executive Andrew Jones says.

‘Whilst we seek to avoid unnecessary transactional activity, we will take advantage of strong approaches for assets and dispose of properties where we believe returns are less predictable.’

Current stock price: 272.13 pence

12-month change: up 19%

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