Warehouse REIT PLC Major lease renewal with Boots at Basingstoke (7804H)
05 Agosto 2019 - 1:00AM
UK Regulatory
TIDMWHR
RNS Number : 7804H
Warehouse REIT PLC
05 August 2019
5 August 2019
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
Warehouse REIT secures major lease renewal with Boots at
Basingstoke
Warehouse REIT, the AIM-listed specialist warehouse investor,
has agreed a 10-year lease renewal with Alliance Healthcare
(Distribution) Ltd ('Alliance Healthcare'), the distribution arm of
Walgreens Boots Alliance Inc., at Daneshill Industrial Estate in
Basingstoke. It is one of a number of successful asset management
initiatives executed by Tilstone Partners this year, as it
continues to drive value and income growth across the
portfolio.
Boots has been in occupation of Unit 2 of the estate, comprising
113,000 sq ft of distribution facilities on a 6 acre site, since
1989. The 10-year lease renewal, with no breaks, in return for
market standard incentives, has been agreed at a 42% uplift to the
previous rent paid, with a headline rent of GBP925,000 per annum,
or GBP8.19 psf. The agreement reflects the strong demand for high
quality warehouse facilities, and the shortage of alternatives, in
this key distribution location as well as the importance of the
unit to the tenant's supply chain.
Alliance Healthcare is one of the UK's leading pharmaceutical
wholesalers and distributors, servicing 16,500 community
pharmacies, dispensing doctors and hospitals. Its distribution
facilities deliver 28,000 deliveries per day - one delivery every
2.5 seconds - with Basingstoke increasingly importance as a key
distribution hub within its South Eastern network.
Andrew Bird of Tilstone commented: "This major lease renewal
demonstrates our strong asset management capabilities, as we aim to
increase rental income and extend the WAULT of the portfolio by
actively working with our tenant partners to secure deals that
benefit both owner and occupier.
"Daneshill continues to be a key asset within Warehouse REIT's
portfolio and we are very pleased that Alliance Healthcare has
signed for a further ten years, demonstrating both the property's
importance to its distribution network and the continued demand for
well-located distribution warehouses close to major
conurbations."
-ENDS-
Enquiries:
Warehouse REIT plc via FTI Consulting
Tilstone Partners Limited +44 (0) 1244 470
Andrew Bird, Paul Makin 090
G10 Capital Limited (part of the Lawson Conner Group),
as AIFM +44 (0) 20 3696
Gerhard Grueter 1302
Peel Hunt (Financial Adviser, Nominated Adviser
and Broker)
Capel Irwin, Carl Gough, Harry Nicholas +44 (0)20 7418 8900
FTI Consulting (Financial PR & IR Adviser to the
Company) +44 (0) 20 3727
Dido Laurimore, Ellie Sweeney, Richard Gotla 1000
Further information on Warehouse REIT is available on its
website:
http://www.warehousereit.co.uk/
Notes to editors:
Warehouse REIT is an AIM listed UK Real Estate Investment Trust
which owns and manages a diversified portfolio of UK warehouse
assets located in urban areas.
Occupier demand for urban warehouse space is increasing as the
structural growth in e-commerce has driven the rise in internet
shopping and investment by retailers in the "last mile" delivery
sector. The urban warehouse sector continues to be projected to be
the best performing of all UK property sectors.
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. The Investment Manager is
G10 Capital Limited.
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END
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