A pair of Marks & Spencer retail units has been acquired by LondonMetric as the property investor continues to grow its convenience portfolio.
The London-based firm has snapped up the two edge of town retail assets in Newport, Isle of Wight and Kendal, Lancashire for a combined £24.6m with both locked into existing leases for the next ten years.
It now means LondonMetric’s convenience portfolio, which is valued at £85m, includes eight M&S stores alongside four Aldi stores, as the property firm continues to reposition towards convenience and logistics assets.
Andrew Jones, Chief Executive of LondonMetric said the repositioning has come in reaction to changing consumer trends which are increasingly leaning towards more convenient shopping and retail options such as click and collect deliveries. He said:
“Consumer shopping patterns continue to evolve and we remain convinced that logistics and convenience retail are on-going beneficiaries of these changes as retailers look to invest further in their click and collect distribution infrastructure.
“We have very good relationships with M&S and this is a rare opportunity to acquire two strongly performing stores.”
LondonMetric was advised by Fawcett Mead and CBRE. Savills and HP4 advised the vendor.
Written by: Billy Wood
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