Sunday, March 3, 2024

Warehouse investor sells duo of sites

Warehouse REIT, the multi-let industrial warehouse investor, has sold two assets in separate transactions for a total consideration of £13.4 million.

Pellon Lane, a 20,000 sq ft multi-let asset in Halifax acquired in 2017, where Warehouse REIT has successfully secured new lettings or renewals on nearly all the available space since acquisition, has been sold for £1.8 million. 

Meanwhile Warrington South Industrial Estate, a 106,000 sq ft single-let asset acquired in 2019, where Warehouse REIT delivered a ten-year lease renewal in 2020, has sold for a total consideration £11.6 million.

Simon Hope, Warehouse REIT, said: “Strengthening our balance sheet and earnings position by releasing capital from assets which are low yielding or where we have successfully executed our business plan is a key priority for us. As these disposals show, we continue to evaluate all opportunities to do that.

“While the investment market remains subdued, we have sold into pockets of demand, above book value, enabling us to crystallise value for shareholders and increase the portfolio weighting to multi-let assets where we see the most attractive opportunities.”

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