Warehouse REIT PLC Rent Collection & Business Update (2745V)
06 Agosto 2020 - 1:00AM
UK Regulatory
TIDMWHR
RNS Number : 2745V
Warehouse REIT PLC
06 August 2020
6 August 2020
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
Rent Collection & Business Update
Warehouse REIT, the AIM-listed company that invests in and
manages e-commerce urban and last-mile industrial warehouse assets
in strategic locations in the UK, today provides a business update
including Q3 rent collection and progress on its investment
pipeline following its successful GBP153 million equity raise in
July. The Company also reaffirms its first quarter dividend payment
of 1.55 pence, payable on 2 October 2020, reflecting an attractive
annual equivalent dividend payment of 6.2 pence per share.
Rent collection
As at 30 July 2020, 94% of contracted rent due on the June 2020
quarter date had been received or is being collected monthly, with
ongoing discussions continuing for the balance. The Company is
taking a proactive approach towards collecting rent and has agreed
to monthly in advance payments amounting to 27% of the contracted
rent, of which, 60% has already been received.
Financial position
The Company continues to exercise a cautious approach in its use
of debt, ensuring it has a well-capitalised balance sheet. As at 30
July 2020, the company had GBP111 million of available cash and
GBP63 million of undrawn bank facilities, providing significant
operational flexibility.
Disposals
On 21 July 2020, the Company exchanged contracts to dispose of
seven smaller, non-core assets for an aggregate of GBP9.9 million,
reflecting a blended net initial yield of 6.1%, as part of its
strategy to recycle capital into higher returning opportunities.
The disposals are line with the 31 March 2020 book value and
improve both the quality and duration of income of the core
portfolio.
Pipeline
Tilstone Partners Limited, the Company's investment advisor,
continues to make good progress delivering on the pipeline of
acquisition opportunities identified at the time of July's capital
raise, which amounts to approximately GBP346 million. The amount in
exclusive/final negotiations or with solicitors instructed has
increased from the GBP123.3 million previously reported and the
Company anticipates updating the market before the end of the half
year.
Planning application
At Radway Green, the Company's 25-acre multi let industrial
estate located at Junction 16 of the M6 motorway in Cheshire, a
planning application has been submitted, in collaboration with the
adjoining owner, for a combined 803,000 sq ft of new high-bay
warehouse units, ranging from 60,000 sq ft to 340,000 sq ft. The
application retains an amount of existing space which is currently
income producing whilst utilising the undeveloped areas of the
current estate. The overall scheme is expected to be implemented in
a number of phases in order to both maximise retained income and to
meet occupier demand. The Company expects the application to be
determined in Q4 2020.
Andrew Bird, Managing Director of the Investment Manager,
Tilstone Partners Limited, commented: "The UK warehouse
occupational market remains robust, underpinned by those structural
trends including e-commerce that are being accelerated as a result
of Covid-19. Alongside a number of ongoing asset management
successes, we are focused on assisting the Company in deploying its
available capital into the significant pipeline of accretive
opportunities the team has identified, and which will further
improve the portfolio's income and diversification
characteristics."
-ENDS-
Enquiries: via FTI Consulting
Warehouse REIT plc
Tilstone Partners Limited +44 (0) 1244 470
Andrew Bird, Paul Makin 090
FTI Consulting (Financial PR & IR Adviser
to the Company) +44 (0) 20 3727
Dido Laurimore, Ellie Sweeney, Richard Gotla 1000
G10 Capital Limited (part of the IQEQ Group),
AIFM
Maria Glew +44 (0) 20 3696
1302
Peel Hunt (Financial Adviser, Nominated Adviser
and Broker)
Capel Irwin, Carl Gough, Harry Nicholas +44 (0)20 7418 8900
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
that invests in and manages E-commerce urban and 'last-mile'
industrial warehouse assets in strategic locations in the UK.
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, yet supply remains constrained giving rise to rental
growth.
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
currently G10 Capital Limited.
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END
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