Warehouse REIT PLC Warehouse REIT secures 106,000 sq ft lease renewal (7408P)
12 Junio 2020 - 1:00AM
UK Regulatory
TIDMWHR
RNS Number : 7408P
Warehouse REIT PLC
12 June 2020
12 June 2020
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
Warehouse REIT secures 106,000 sq ft lease renewal with Iron
Mountain in Warrington
Warehouse REIT, the AIM-listed specialist warehouse investor,
has completed a 10-year lease renewal with Iron Mountain, the NYSE
listed storage and information management services company, at
Stretton Green Distribution Park, Warrington.
Iron Mountain, which services 230,000 customers in over 50
countries and generated revenues of over $1 billion in the first
quarter of 2020, has occupied the 106,000 sq ft single-let purpose
built high bay warehouse since 2005. The 10-year lease renewal,
with no breaks, has been agreed at a 26% uplift to the previous
rent paid, with a headline rent of GBP615,000 per annum, or GBP5.80
psf. The agreement reflects the strong demand for high quality
warehouse facilities in the North West, as well as the strategic
importance of the unit to the tenant's UK client base.
Stretton Green Business Park is located two miles from Junction
20 of the M6 and M56 interchange, close to the major conurbations
of Manchester, Liverpool and Warrington. The warehouse was one of
seven properties in a 995,100 sq ft portfolio acquired by Warehouse
REIT in September 2019 for an initial consideration of GBP70
million, the value of which increased by 7.4% in the subsequent six
months. This letting will further enhance income and value,
increasing the WAULT for the entire Warehouse REIT portfolio from
5.2 years to 5.4 years.
Paul Makin, Investment Director of Tilstone Investment Partners,
commented: "This major lease renewal with an extremely strong
covenant is the latest illustration of our ability to significantly
improve the rental tone across Warehouse REIT's portfolio, actively
working with our tenant partners to reach a solution that benefits
both owner and occupier.
"Whilst we continue to be rigorously focused on cash collection
in order to mitigate the near term economic challenges posed by
COVID-19, we are alive to all opportunities resulting from the
consequential acceleration of favourable structural trends which
are underpinning occupier demand for space across the
portfolio."
-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 plc is an AIM-listed specialist warehouse
investor.
Our purpose is to own and manage warehouses in economically
vibrant urban areas across the UK, providing the space our tenants
need for their businesses to thrive.
As we grow, our vision is to become the UK's warehouse provider
of choice.
The Company is an alternative investment fund ("AIF") for the
purposes of the Alternative Investment Fund Managers Directive
(2011/61/EU) ("AIFMD") 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 Investment
Manager is currently G10 Capital Limited.
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END
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