12 February 2024
Warehouse REIT
plc
(the
"Company" or "Warehouse REIT", together with its subsidiaries, the
"Group")
Warehouse REIT completes two
disposals totalling £13.4 million, 3.7% ahead of book
value
Warehouse REIT, the multi-let
industrial warehouse investor, announces the disposal of two assets
in separate transactions for a total consideration of £13.4
million. The combined price is 3.7% ahead of the September 2023
book value and reflects an average net initial yield of
5.3%.
The sales comprise:
· Warrington South Industrial Estate, a 106,000 sq ft single-let
asset acquired in 2019, where we delivered a ten-year lease renewal
in 2020; sold for a total consideration £11.6 million;
and
· Pellon
Lane, a 20,000 sq ft multi-let asset in Halifax acquired in 2017,
where we have successfully secured new lettings or renewals on
nearly all the available space since acquisition; sold for £1.8
million.
These transactions bring total sales
since 1 April 2023 to £53.0 million, demonstrating good progress
against our commitment to continued capital recycling. Proceeds
from the sales will be used to pay down debt, supporting future
earnings.
Simon Hope, Warehouse REIT commented:
"Strengthening our balance sheet and earnings
position by releasing capital from assets which are low yielding or
where we have successfully executed our business plan is a key
priority for us. As these disposals show, we continue to evaluate
all opportunities to do that.
"While the investment market remains
subdued, we have sold into pockets of demand, above book value,
enabling us to crystallise value for shareholders and increase the
portfolio weighting to multi-let assets where we see the most
attractive opportunities."
Enquiries
|
Warehouse REIT plc
|
via FTI Consulting
|
|
Tilstone Partners Limited
Simon Hope, Peter Greenslade, Jo
Waddingham
|
+44 (0) 1244 470 090
|
|
|
|
|
G10 Capital Limited (part of the
IQEQ Group), AIFM
Maria Baldwin
|
+44 (0) 20 7397
5450
|
|
FTI Consulting (Financial PR &
IR Adviser to the Company)
Dido Laurimore, Richard Gotla, Oliver
Parsons
|
+44 (0) 20 3727 1000
|
Further information on Warehouse
REIT is available on its website: http://www.warehousereit.co.uk
Notes
Warehouse REIT is UK Real Estate
Investment Trust that invests in UK warehouses, focused on
multi-let assets in industrial hubs across the UK.
We provide a range of warehouse
accommodation in key locations which meets the needs of a broad
range of occupiers. Our focus on multi-let assets means we
provide occupiers with greater flexibility so we can continue to
match their requirements as their businesses evolve, encouraging
them to stay with us for longer.
We invest in our business by
selectively acquiring assets with potential and by delivering
opportunities we have created. Through pro-active asset management
we unlock the value inherent in our portfolio, helping to capture
rising rents and driving an increase in capital values to deliver
strong returns for our investors over the long term.
Sustainability is embedded throughout our business, helping us meet
the expectations of our stakeholders today and futureproofing our
business for tomorrow.
The Company is an alternative
investment fund ("AIF") for the purposes of the AIFM Directive and
as such is required to have an investment manager who is duly
authorised to undertake the role of an alternative investment fund
manager ("AIFM"). The AIFM and the Investment Manager is currently
G10 Capital Limited (Part of the IQEQ Group).