Warehouse REIT acquires 570,000 square foot portfolio

Real estate investment trust Warehouse REIT has agreed to acquire a 570,000 square foot warehouse portfolio.

Warehouse REIT said on Monday that it would purchase the portfolio of five single-let and multi-let UK warehouse assets from Greenstone Property for a total of £43.6m.

The AIM-listed group stated that the transaction price reflected an "attractive" blended net initial yield of 6.7% and also provided a combined weighted average unexpired lease term of 5.5 years.

Warehouse REIT added that the portfolio was 90% leased, with a total contracted annual rent of £2.95m.

Investment advisor Tilstone Partners' managing director Andrew Bird said: "This is an increasingly rare opportunity to acquire an immediately accretive and diverse portfolio of assets which fits with our stated investment strategy, whilst offering both short and longer-term asset management opportunities through a mixture of vacancy and short income."

As of 0915 GMT, Warehouse REIT shares were down 0.15% at 113.83p.