LondonMetric has agreed the disposal of four distribution and two industrial warehouses to Pacific Industrial & Logistics REIT in two portfolio deals for a combined £36m.
Pacific had initially planned to use the proceeds of a £50m fundraise, first revealed by Property Week in March, to fund the purchase of 16 properties for £73.6m.
But after the fundraise fell short, Pacific switched its focus in April to buy the portfolio of sites in the Midlands and the north of England from LondonMetric using the £20m which was raised from the placing.
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