LondonMetric buys life sciences warehouse for £11 million

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LondonMetric Property has acquired an urban logistics warehouse in Cardiff for £11.1 million, reflecting a blended net initial yield of 5.0%.

The 119,000 square foot warehouse is let to Global Life Sciences Solutions, trading as Cytiva, on a new ten year lease with RPI linked rent reviews of between 1% and 3%. The building is located in an established Life Sciences location, adjacent to J32 of the M4.

The property generates a rent of £0.6 million per year with the contractual rent reviews expected to increase the purchase net initial yield to 5.8% after five years.