India, April 10 -- Shares of LondonMetric Property Plc (LMP.L) are up around 4 percent on Thursday's trading on the London Stock Exchange, after the company announced the acquisition of a logistics warehouse pre-let to retail major Marks and Spencer Group Plc or M&S (MAKSY.PK,MAKSF.PK,MKS.L).
The 390,000 sq.ft. regional warehouse has been acquired for a sum of 74.0 million pounds, with a net initial yield or NIY of 5.65 percent.
The facility is currently under development by Epta Development Corp. or EDC in partnership with Stoford. It is located at Axis Works in Bristol, which is a prime logistics hub and home to several of LondonMetric's existing investments in Avonmouth.
The project is expected to be completed in the summer of 2026. D...