Newark property acquired for Â£68.5m
LondonMetric Property has acquired the Dixons Retail distribution centre in Newark for £68.5m in an off-market deal.
The 726,200 sq ft asset is situated on the intersection of the A1, A17 and A46 dual carriageways, and is let at a rent of £4.5m per annum.
Following the acquisition, the company's distribution portfolio now total £451m, which comprises of 18 centres.
Andrew Jones, chief executive of LondonMetric, said: "The purchase of this prime distribution centre further reinforces our leading position within the retail distribution sector and extends our longstanding relationship with Dixons Carphone, who is already one of our key customers within our retail warehouse portfolio.
"The retail distribution sector is becoming an ever more critical element of the retail space and we intend to continue with our strategic focus of expanding our investment into this growth sector in tandem with deepening our strong retailer relationships."
LondonMetric was advised by DTRE.