Warehouse REIT PLC Asset Management Update (8113U)
July 17 2018 - 2:00AM
UK Regulatory
TIDMWHR
RNS Number : 8113U
Warehouse REIT PLC
17 July 2018
17 July 2018
Warehouse REIT plc
(the 'Company' or 'Warehouse REIT')
Asset Management Update
Warehouse REIT, the AIM listed specialist warehouse investor,
announces an asset management update for the period 1 April to 30
June 2018. During the period the Company completed eleven new
lettings and five lease renewals across 125,983 sq ft, 2.3% ahead
of 31 March 2018 ERVs, generating GBP449,623 of additional
income.
Highlights include:
-- A new 15 year lease, with a break at year 10, to existing
tenant DFS at South Gyle Industrial Estate, Edinburgh, more than
doubling its occupancy to 47,744 sq ft on the 3.69 acre site. The
favourable rent of GBP7 per sq ft equates to GBP334,208 per annum.
The site benefits from its close proximity to key local
infrastructure including J1 of the M8 and Edinburgh Airport.
-- A 48,152 sq ft regear to Asda Stores at Vantage Point, one of
the Company's multi-let industrial estates in Leeds. The new 10
year lease, with a break at year 5, reflects a passing rent of
GBP209,100 per annum (GBP4.34psf), in line with the previous rent
paid, with a rent review currently under way.
-- A 7,713 sq ft letting to Grove Logistics Services Ltd at
Farthing Road, Ipswich, on a 5 year lease with a break at year 3,
at GBP38,565 per annum, 11.1% ahead of the 31 March 2018 ERV.
The eleven new lettings represent 63,547 sq ft of space let,
4.7% ahead of the 31 March 2018 ERV, generating rental income of
GBP437,283 per annum. The five lease renewals generate a combined
annual rent of GBP286,600, an uplift of 4.5% as compared to the
previous rent paid.
Following this recent activity, the weighted average unexpired
lease term of the portfolio has marginally increased to 4.2 years
to expiry (31 March 2018: 4.1 years).
Andrew Bird, Managing Director of Tilstone Partners Ltd, the
manager of Warehouse REIT, commented: "It has been a busy period
for our growing asset management team, with this portfolio wide
activity demonstrating both the continued demand from a range of
new and existing occupiers for our well-located, good quality urban
warehouses, alongside our ability to identify and deliver on the
significant reversionary potential outlined at our recent maiden
financial results. In particular, the significant letting to DFS
for additional warehouse space to support its fast growing
e-commerce operations is a trend that we are seeing replicated by
retailers across the UK.
"The outlook in the markets where the portfolio is weighted
remains appealing, with rental growth forecast to outperform other
sectors, and with a number of asset management enhancing
initiatives underway, our focus remains on further improving the
income profile of the portfolio and delivering value on behalf of
shareholders."
-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),
acting as AIFM +44 (0) 20 3696
Agnese Soldane, 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:
Notes to editors:
Warehouse REIT announced the results of its IPO on 15 September,
having raised gross proceeds of GBP150 million (GBP146.8 million
net) to invest in a diversified portfolio of UK warehouse assets
located in urban areas. As at 31(st) March 2018 the Warehouse REIT
has fully invested the IPO proceeds with the entire portfolio
valued at GBP291m.
Occupier demand for urban warehouse space remains strong as the
structural change in the retail sector reduces the demand for high
street stores in favour of the continuing growth in e-commerce and
investment by retailers in the associated "last mile" delivery
sector.
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, whose role will pass to Tilstone
Partners Limited ("TPL"), on receipt of FCA approval.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDSFMEFMFASEDW
(END) Dow Jones Newswires
July 17, 2018 02:00 ET (06:00 GMT)
Warehouse Reit (LSE:WHR)
Historical Stock Chart
From Apr 2024 to May 2024
Warehouse Reit (LSE:WHR)
Historical Stock Chart
From May 2023 to May 2024