TIDMWHR
RNS Number : 0798Q
Warehouse REIT PLC
16 June 2020
16 June 2020
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
Post Year-End Asset Management Update
Warehouse REIT, (the "Company"), the AIM-listed specialist
warehouse investor, announces a lettings update covering the period
since 1 April 2020. Reflecting the ongoing demand from a range of
occupiers for last mile warehouse space in the UK, the Company has
completed, or is under offer on, 43 lettings and lease renewals,
across 277,000 sq ft of space, which will generate contracted rent
of GBP1.9 million per annum, GBP833,000 of which is additional
rent.
During the period the Company has completed seven new lettings
and eight lease renewals across 164,000 sq ft of space, generating
GBP1.05 million per annum of total contracted rent of which
GBP445,000 per annum is new income compared with the position at 31
March 2020. The seven new lettings represent 40,000 sq ft of floor
space, generating rental income in excess of GBP279,000 per annum,
9.6% ahead of the 31 March 2020 ERV. The Company has continued to
capture reversionary potential from the portfolio, with eight lease
renewals generating a combined annual rent of GBP770,000, an uplift
of 27.7% as compared to previous passing rent.
Highlights include:
-- A new 5-year lease with a break at year 3, for a 13,300 sq ft
unit, to the Leeds and York Partnership NHS Foundation (the
"Foundation"), to support the existing tenant's expansion at
Roseville Business Park in Leeds. The rent of GBP100,000 per annum
represents a 25% premium to the 31 March 2020 ERV. The Foundation
has simultaneously agreed a 5-year lease renewal, with a break at
year 3, for 7,000 sq ft of space it currently occupies, at an
uplift of 42% on the previous rent paid.
-- As announced on 12 June, a 10-year lease renewal, with no
breaks, has been agreed with Iron Mountain, the NYSE-listed storage
and information management services company, at Stretton Green
Distribution Park, Warrington. The agreement reflects at a 26%
uplift to the previous rent paid, with a headline rent of
GBP615,000 per annum, or GBP5.80 psf.
The Company also has 28 letting and lease renewals under offer
on a further 113,000 sq ft of space across the portfolio which will
generate contracted rent of GBP844,000, GBP387,000 of which is
additional rent.
In addition to the above leasing activity, the Company has newly
agreed a short term letting on a 155,000 sq ft warehouse in
Nottingham, supporting the occupier's online delivery and
warehousing needs. The short-term nature of the letting provides
additional rental income to the Portfolio whilst the planning and
refurbishment strategies of this asset progress over the next few
months.
Andrew Bird, Managing Director of Tilstone Partners Ltd, the
investment advisor of Warehouse REIT, commented: "Despite the
ongoing market uncertainty, competition for space from a broad
range of tenants is underpinning our ability to significantly
improve the rental tone across the portfolio. We expect to see
demand for good quality, well located urban warehousing remain
robust, driven by favorable market dynamics, which will allow us to
grow contracted rent, increase the portfolio occupancy rate and
capture additional reversionary potential."
-ENDS-
Enquiries
Warehouse REIT plc via FTI Consulting
Tilstone Partners Limited +44 (0) 1244 470
Andrew Bird 090
G10 Capital Limited (part of the Lawson
Conner Group), AIFM +44 (0) 20 3696
Maria Glew, Gerhard Grueter 1302
Peel Hunt (Financial Adviser, Nominated
Adviser and Broker) +44 (0) 20 7418
Capel Irwin, Harry Nicholas, Carl Gough 8900
FTI Consulting (Financial PR & IR Adviser
to the Company)
Dido Laurimore, Ellie Sweeney, Richard +44 (0) 20 3727
Gotla 1000
Further information on Warehouse REIT is available on its
website:
http://www.warehousereitplc.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
MSCGUGDLIUBDGGL
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