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Warehouse REIT PLC - real estate investment trust focused on warehouse assets - Acquires Granby Industrial Estate in Milton Keynes, comprising 24 urban logistics and trade units for GBP17.5 million with net initial yield of 5.7%. The estate is 10 acres and offers 147,000 square feet of gross lettable area which is let to 16 tenants, across 19 of the 24 units.
"This acquisition is a strong fit with the company's strategy of buying in strong economically relevant locations with asset management opportunities; it offers both long-dated day one income whilst an element of vacancy, shorter leases and un-refurbished units provide the chance to capture the reversionary potential and significantly improve the rental profile," says Andrew Bird, managing director of Tilstone Partners, Warehouse REIT's investment advisor.
Current stock price: 116.87 pence
Year-to-date change: up 5.6%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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