Posted on April 30, 2020.
FSP Director, Ben Blackwall, has been awarded the Co-Star Q1 Top Deal Award for the Birmingham Core Industrial Market. The award was for FSP’s acquisition, on behalf of LondonMetric Property Plc, of a long let transport deport let to West Midlands Travel in Birmingham.
The property was acquired off market from LXI REIT for £6.775m which reflected a net initial yield of 4.24%. The property is let to West Midlands Travel, guaranteed by National Express Group Plc, for a further 24 years with annual reviews to RPI collared at 2% and capped at 4%.
Ben Blackwall comments ‘I want to thank Co-Star for this award in recognition of this transaction. The property was sourced off market and acquired for LondonMetric to satisfy their requirement for long secure indexed linked income. The strong alternative use values were also a key factor in underwriting this acquisition.’