North West industrial estates acquired by Warehouse REIT plc in £26m push

Warehouse investment company Warehouse REIT plc (WHR) has announced its first acquisitions as an AIM-listed business.

The firm, which has offices in Chester and London, exchanged contracts with property investor Hansteen Holdings plc on four multi-let industrial estates for £26.25m plus costs.

Two of the estates are in the North West, while one is in the Midlands and the other in the South East.

Together, the sites cover 603,000 sq ft and generate an annual rent of £2.11m.

WHR non-executive chairman Neil Kirton said: “This transaction is firmly in line with our investment strategy set out at the time of the IPO, for good quality, well-located assets with plenty of opportunities to enhance value through asset management.

“Whilst the vendor has run a successful letting campaign with voids down to 9% of ERV, this reflects slightly more than the national average which is characterised by a shortage of well-located warehouse stock, driven by the structural shifts taking place in last mile delivery.”

He added: “The Tilstone management team believe that the assets offer potential for further rental growth.”

Last week (September 20), WHR was admitted to the London Stock Exchange sub-market AIM following a successful £150m fundraise.

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