LondonMetric has raised £380m from Trans-Atlantic institutional investors keen to support the asset management company’s long-term logistics strategy.

The private debt, which has a blended maturity of 11.1 years and blended interest rate of 2.27%, was upsized from an initial target of £150m due to demand.

A £50m tranche (‘Green Notes’) is subject to a green framework under which spend will be allocated to buildings which have high sustainability standards. That arrangement is thought to be the first of its kind announced by a UK REIT.

Martin McGann, Finance Director of LondonMetric, said: “The private placement market has given us access to attractively priced, longer term debt from an increasingly diversified lender base since our inaugural issue in 2016.

“We are delighted that investors have shown their continued support for our logistics and long income strategy, as they have priced our third private placement at a very attractive margin and significantly helped to increase the average maturity of our debt.”

LondonMetric currently has 16 million sqft under management and its urban-centric portfolio is valued at £2.3bn. Its two largest warehouses are let to Primark and it has other long-term let arrangements with Amazon, Argos, Eddie Stobart and Tesco.