Property trusts and merchants group clinch trio of acquisitions

MCKAY Securities, LondonMetric Property and Grafton Group each added to their respective portfolios yesterday in a clutch of deals.

McKay Securities, the only real estate investment trust specialising entirely in the south east and London office and industrial markets, announced the off-market freehold acquisition of The Planets in Woking for £8.75m.

The property is adjacent to another of McKay’s buildings thus increasing the group’s holding in central working to 37,302 square foot.

Meanwhile, LondonMetric Property, a real estate investment trust which primarily invests in retail and retailer-led distribution properties, has exchanged contracts for the off-market acquisition of Dixon Retail’s 726,200 square foot distribution centre in Newark, Nottinghamshire, for £68.5m.

Following the acquisition, LondonMetric’s distribution portfolio now totals £450.9m, comprising of 18 distribution centres.

Grafton Group, the builders merchanting and DIY group, announced that it has completed the acquisition of Gedimat-Ginion, a Brussels-based single branch general merchanting business with revenues of £3.2m in the year ending June 2014.

The deal illustrates Grafton Group’s intent to expand coverage of the Brussels market following its €20.5m (£16m) acquisition of Mpro earlier this year also.

LondonMetric shares were quoted up 0.4 per cent at 139.60p, McKay shares were up at 0.1 per cent at 237.1p, although Grafton Group noted shares drop by 1.28 per cent to 618p.