LondonMetric Property has bought a long-let Marks & Spencer logistics warehouse near Bristol for £74m.
The deal for the under-construction 390,000 sq ft warehouse at Axis Works reflects a net initial yield of 5.65%. It is prelet to M&S on a 20-year lease and is being developed by Epta Development Corporation and development partner Stoford, with completion expected in the summer of 2026.
LondonMetric chief executive Andrew Jones (pictured), said: “This is a high quality development let on a very long lease to one of the UK’s strongest retailers. It will deliver income longevity, certainty and guaranteed growth. It further extends our relationship with M&S and adds another exceptional building to LondonMetric’s portfolio.”
Chris Tsakumis, principal at EDC, added: “We are pleased to have invested in the site and our long-term UK investment strategy has reaped initial dividends with the announcement of our first occupier and investment sale.”
CBRE and Knight Frank acted for EDC and Stoford. Lambert Smith Hampton acted for M&S.
Image from LondonMetric
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