Warehouse REIT plc
Third quarter leasing update
Continued leasing momentum with 0.9m sq ft of activity, 22.1% ahead of previous rents
Warehouse REIT, the multi-let industrial warehouse investor, is pleased to report a strong quarter of leasing activity for the three months to 31 December 2023. This reflects the resilience of the UK multi-let warehouse sector as well as our active asset management focused on capturing reversion across our 8 million sq ft portfolio, which is a key priority for the year.
During the period, the Company completed 0.9m sq ft of leasing activity, securing £5.2 million of contracted rent, on average 22.1% ahead of previous contracted rent, comprising:
· 15 new lettings, 33.2% ahead of previous contracted rent, 8.4% ahead of March ERV
· 16 renewals, 38.2% ahead of previous contracted rent, 9.8% ahead of March ERV
· 6 rent reviews, 13.7% ahead of previous contracted rent, 1.4% ahead of March ERV
Notable deals included:
· A new lease to a leading UK intralogistics business at Bradwell Abbey in Milton Keynes generating £97,000, 10.5% ahead of March ERV;
· A renewal to a thermoplastics business at Kingsland Grange, Warrington at a new rent of £498,000, 42.3% ahead of previous contracted rent;
· A renewal to a tile business at Matrix Park, Chorley at a rent of £320,500, 22.7% ahead of previous contracted rent;
· A rent review to a precision manufacturer of machines for the oil and gas industry, at a new rent of £55,000, 57.1% ahead of previous contracted rent.
Nine months performance
This brings total leasing activity for the nine months to 31 December 2023 to 1.4 million sq ft, on average 26.9% ahead of previous contracted rent. It demonstrates good progress against our objectives, with £1.2 million of reversion captured, equivalent to 0.3 pence per share on an annualised basis. Total rent attributable to these transactions is £8.5 million and the like-for-like contracted rental growth for the nine month period is 3.7%, significantly ahead of a healthy half year rate of 1.7%.
Simon Hope, Co-Managing Director of Tilstone Partners, Investment Advisor to Warehouse REIT commented: “This pace of activity demonstrates that the market for affordable, well-located, multi-let industrial space is holding up well. Deals have been agreed well ahead of prior rents and the portfolio is successfully appealing to more higher value occupiers from a wide variety of sectors. The Warehouse REIT portfolio was 11.7% reversionary at half year and this good performance demonstrates great progress capturing that upside.”
I always spent my half an hour to read this website’s articles or reviews every day
along with a cup of coffee.
Also visit my homepage :: vpn special coupon code
excellent points altogether, you just won a brand new reader.
What would you recommend in regards to your publish that you just made some days in the past?
Any sure?
Also visit my page how vpn works
Have you ever considered about adding a little bit more than just your articles?
I mean, what you say is valuable and everything. Nevertheless just imagine if you added some great visuals or videos to give your posts more, “pop”!
Your content is excellent but with pics and clips, this site could certainly be one of the very best in its field.
Fantastic blog!
My webpage; vpn special coupon code 2024
Undeniably believe that which you said. Your favorite justification seemed to
be on the web the simplest factor to consider of. I say to you, I certainly
get irked while folks think about concerns that they just don’t recognize about.
You controlled to hit the nail upon the top and also defined
out the entire thing with no need side-effects , people could take a signal.
Will likely be back to get more. Thanks
Feel free to surf to my blog … vpn coupon code ucecf
Pretty! This has been an extremely wonderful article.
Thank you for supplying these details.
Take a look at my site – facebook vs eharmony to find love online
Hey! Would you mind if I share your blog with my facebook group?
There’s a lot of folks that I think would really appreciate your content.
Please let me know. Thanks
Take a look at my web site: eharmony special coupon code 2024
Hello there, I discovered your website by the use of Google
even as searching for a similar matter, your website got here up,
it appears to be like great. I have bookmarked it in my google bookmarks.
Hello there, simply became aware of your blog through Google, and located that
it’s truly informative. I am gonna be careful for brussels.
I will be grateful in case you proceed this in future.
Many other people will probably be benefited out of your writing.
Cheers!
Here is my web-site nordvpn special coupon code 2024