LondonMetric Property PLC buys petrol station sites

() said it has spent £21.9mln on seven convenience/petrol stations in London, the south and the Cotswolds.

The assets have a blended yield of 5.1% with an average lease period of 18 years.

In a statement, Andrew Jones, LondonMetric’s chief executive, said:  “These long income acquisitions offer attractive triple net income and are let on long leases to strong covenants with certainty of income growth.

“Given their strong locations, they are also underwritten by vacant possession value.”

LondonMetric also said it had sold sites occupied by Kwik Fit service stations and IMO car washes for £4.2mln.