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LONDON (Alliance News) - Warehouse REIT PLC said Monday it had agreed to buy two property assets in Northampton and Aberdeen for a combined GBP37 million following a successful fundraise.
The two properties have a blended net initial yield of 6.6%.
The 336,000 square foot Northampton two-unit property is currently let to department store chain John Lewis. The annual rent stands at 1.8 million.
The 125,000 square foot Aberdeen property is a multi-let industrial estate. The property is fully let and generates a passing rent of GBP776,030.
"Following the successful fund raise providing the REIT with GBP120 million of capital to deploy, it is pleasing to deliver these high quality acquisitions, including another from our identified near term pipeline at the time of the equity raise, as we continue to demonstrate that we have the team in place to originate and acquire a range of favorably yielding opportunities across the UK," Andrew Bird, from investment manager Tilstone, said.
"In Northampton, the warehouses are operational critical to John Lewis in what is still an undersupplied part of the UK for mid box warehouses, whilst the Murcar industrial estate will deliver attractive day one income at the same time as presenting a number of value-enhancing asset management initiatives to both improve the rental tone and deliver capital growth", Bird added.
Shares in Warehouse REIT were 0.5% higher at 101.99 pence on Monday.
