Warehouse REIT

Warehouse REIT, the multi-let warehouse investor, reports another positive quarter of leasing activity for the three months to 31 December 2024.   The Company completed 25 transactions, securing £3.5 million of contracted rent and is continuing to successfully capture portfolio reversion, with transactions agreed on average 32.2% ahead of previous contracted rent.   We have also completed £12.8 million of asset sales in the third quarter, with the largest being Swift Valley Industrial Estate in Rugby, sold for £6.1 million. Overall, sales were achieved 8.1% ahead of the March 2024 book value, bringing total disposals for the first nine months of the financial year to £74.4 million, 1.8% ahead of book value.   Separately we have announced a fee amendment to the Investment Management Arrangement, which will deliver meaningful cost savings to the Company.  https://lnkd.in/eaXYBA6j https://lnkd.in/eaygizKe

Delighted that Pemsa UK Limited, an international leader in cable management solutions has recommitted to our Sussex Avenue asset for 10 years. Covering over 30,000 sq ft, Pemsa UK occupies the whole building and is a long standing customer, having been at Sussex Avenue for 10 years. With thanks to Niall Mackinnon at GV&Co for his help in getting this transaction over the line. #realestateindustry #industrial

Delighted that Sortimo International Ltd are significantly growing their presence at Oldbury Point Industrial Estate. From a current footprint of c. 20,000 sq ft, they are taking an additional c. 15,000 sq ft on a 10 year lease, and as a result, the estate is now fully let. Sortimo are a specialist supplier of van racking and wrapping services for customers across a range of industries. Thank you to our joint letting agents Max Shelley at Bulleys Chartered Surveyors and Neil Slade at Harris Lamb for securing the letting, and to Stuart Watts at Savills for his work on the refurbishment.

Warehouse REIT today announces its half year results for the six months ended 30 September 2024.   The Company delivered a strong period of financial and operational performance, with the increasing focus on the multi-let industrial sector underpinning a 2.3% portfolio valuation uplift and 2.5% increase in Net Tangible Assets per share.   A resilient multi-let occupational market, where demand continues to significantly outstrip supply, and active asset management drove another period of robust letting activity. During the period our asset management teams concluded 46 lease events over 0.8 million sq ft, to an increasingly diverse range of businesses, at 25.0% above prior rents (excluding fixed uplifts).   Find out more here: https://lnkd.in/ePJuNSsU   #realestate #industrial #logistics #GoldenTriangle

Last week at Tilstone Partners, the Investment Advisor to Warehouse REIT, we were delighted to welcome Khalid Ahmed, from Pathways to Property to the team, to provide him with some hands-on insights into a career in the real estate industry.     During the week, he visited Bradwell Abbey, a multi-let asset acquired by Warehouse REIT two years ago which is part way through a refurbishment plan and saw some of the exciting and different businesses on a multi-let estate. He also spent time with the finance team, looking at where there is most potential on our portfolio and explored some of the assets at Life Science REIT, to see a completely different side of real estate.   Great to have you Khalid and wish you every success for the future.   Thanks to Gary Lees and Connor Cockerill in particular for your help mentoring. #pathwaystoproperty #realestateindustry

Delighted to welcome All Access Training Services to Glasgow Airport Business Park. They are taking 17,500 sq ft on a ten year term and as a result, the park is now fully let. All Access Training Services provides accredited training courses across scaffolding, construction and petrol-chemical industries. They join other occupiers at the park including FedEx and Kuehne + Nagel   Thanks to our letting agents Savills.

Pleased to welcome ABBEY PRECISION LIMITED to our Bradwell Abbey Estate joining occupiers including Sainsbury’s Argos, Jungheinrich, Kluthe, KAAK Group and the NHS. Abbey Precision provides precision engineering solutions for customers in a range of fields including electronics, motor sport and automotive. They have taken c8,500 sq ft on a 10 year lease.    Thanks our letting agents Kirkby Diamond and Lambert Smith Hampton #miltonkeynes #realestate

Delighted to have been awarded Gold in the EPRA (European Public Real Estate Association) Sustainability Best Practice Awards 2024 for the fourth consecutive year! We have also been awarded Gold in the EPRA Best Practice Reporting Awards. These results demonstrate our continuing commitment to providing our stakeholders with full disclosure over all aspects of our business. #EPRA #sustainabilityawards

Warehouse REIT reports another positive quarter of leasing activity for the three months to 30 June 2024. The Company completed 27 transactions, securing £4.1 million of contracted rent, and continues to successfully capture portfolio reversion, with transactions agreed on average 15.1% ahead of previous contracted rent. At the end of June, we also sold Pikelaw Place, a single-let asset in Skelmersdale, for £4.1 million, 22.0% or £0.7m ahead of March 2024 valuation. This follows the sale of £57.5 million of single-let assets announced earlier in the month, bringing total sales for FY25 to £61.6 million. Read more here: https://lnkd.in/eiPCKTci #realestate #industrial #logistics 

Warehouse REIT is pleased to announce that it has acquired Phase 2 of Ventura Retail Park, a 13-unit scheme in Tamworth, close to Birmingham, for £38.6 million, representing a net initial yield of 7.4%. Built in two phases, Ventura is one of the top 20 shopping parks in the UK by sq ft. Phase 2 covers 120,000 sq ft and is fully let to a high quality occupier line up including Boots, Sports Direct and H&M. Contracted rent across the scheme is £3.1 million and the WAULT is 6.4 years. Simon Hope, Warehouse REIT, commented: “This was a rare opportunity to acquire an asset that will be earnings enhancing in year one. Retail warehousing is a sector where we have deep experience, and which plays to our strengths in multi-let asset management. Rents have rebased and are now starting to grow, while pricing remains attractive relative to equivalent assets on the multi-let industrial side, which should support earnings and help rebuild dividend cover – a key priority for this business.” Find out more here: https://lnkd.in/gijqr8RC #realestate #investment