NBIM and Prologis JV Look to LondonMetric’s Distribution Network
LondonMetric Property Plc is a real estate investment trust (REIT) that was created from a merger between Metric Property Investments Plc and London & Stamford Property Plc. The UK-based REIT is in discussions to sell £275 million in distribution warehouses across England to the €2.4 billion joint venture managed by Prologis and backed by Norges Bank Investment Management (NBIM).
The warehouses are occupied by third-party logistic operators. The assets are held in a joint venture between LondonMetric Property and Green Park Investments, a Middle-Eastern group.
London & Stamford sold its jointly owned Meadowhall shopping centre to Norges Bank Investment Management in the Fall of 2012.
June 4, 2013 Update
LondonMetric Property Plc has agreed to sell a portfolio of logistic centers for a deal valued at £247.6 million. The purchased portfolio consists of 11 warehouse properties with 2.4 million square feet of aggregated space.
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