Listed UK property firm LondonMetric Property has invested 拢21.9m (鈧�25m) to buy seven convenience service stations.
The FTSE 250 real estate investment trust has acquired four Co-op convenience service stations in Basingstoke, Dagenham and South Wales acquired for 拢12.5m and invested 拢5.4m in a sale and leaseback deal with TG Convenience Stores to buy two London convenience service stations in Stamford Hill and Plumstead.
LondonMetric said it has also bought a new Shell and Budgens service station in Worcester for 拢4m.
The seven assets have a weighted average unexpired lease term, of 18 years and all benefit from contractual rental uplifts.
The company said it has also sold 拢4.2m of Kwik Fit service stations and IMO car washes. These assets were originally acquired through larger portfolio transactions.
Andrew Jones, CEO of LondonMetric Property, said: 鈥淭hese long income acquisitions offer attractive triple net income and are let on long leases to strong covenants with certainty of income growth. 鈥淕iven their strong locations, they are also underwritten by vacant possession value.鈥�
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