Warehouse REIT PLC Warehouse REIT agrees £15.5m acquisition (7072N)
26 Septiembre 2019 - 01:02AM
UK Regulatory
TIDMWHR
RNS Number : 7072N
Warehouse REIT PLC
26 September 2019
26 September 2019
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
Warehouse REIT agrees GBP15.5m acquisition
Warehouse REIT, the AIM-listed specialist warehouse investor,
announces the exchange of contracts to acquire the Midpoint Estate,
a multi-let estate of 20 high quality, individual warehouse units
on 29 acres in a strategic location off the M6 motorway in
Middlewich, Cheshire for GBP15.5 million, reflecting a net initial
yield of 6.6 per cent.
The Midpoint Estate totals 182,500 sq ft with its 20 individual
units ranging in size from 2,300 sq ft to 31,600 sq ft, located
within two miles of Junction 18 of the M6 motorway and
approximately twenty-six miles south of Manchester. The estate
comprises high quality, predominantly detached, low density
warehouse units, all of which are income producing, and is
strategically located in a region with very limited supply of
existing and new build alternatives.
The Midpoint Estate is an off-market transaction which meets the
Company's focus on economically-active geographical areas that are
expected to respond (in particular, in respect of rental growth) to
active asset management initiatives. There are a number of
identified opportunities to grow rents and WAULT through pro-active
lease re-gears and renewals. The Company is funding the
acquisition, which is due to complete in early October, from its
recently extended bank facilities with HSBC.
Andrew Bird, Managing Director of Tilstone Partners Limited,
commented: "We continue to source economically relevant warehouse
properties, which enable the occupiers to drive profits from their
operating businesses. We are witnessing strong levels of
occupational demand, which ties into the recent news of record
levels of UK employment. With vacancy levels remaining low, the
warehouse sector is positively positioned for further rental growth
and management are confident in their ability to drive shareholder
value.
"This acquisition is a further example of the Company continuing
to take advantage of the attractive opportunities we are seeing.
The Company does not intend to issue equity in the near term and
remains focused on the active management of the portfolio,
including the ongoing rotation of a number of smaller assets, to
drive future shareholder returns."
-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 IQEQ Group),
as AIFM +44 (0) 20 3696
Gerhard Grueter 1302
Peel Hunt (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
ACQPGURGBUPBPGA
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