Warehouse Reit sells two assets

Warehouse Reit has sold two distribution estates for nearly £30m, the property investor said on Thursday.

Updating on trading, the FTSE 250 firm - a specialist in urban and "last-mile" industrial warehouse assets - said it had sold 12 Exeter Way in Theale and Temple House in Harlow for a combined £29.5m.

Along with other previously announced deals, the sales take total second-half disposals to £54.7m.

Warehouse Reit said the disposals were in line with its strategy to capture the inbuilt reversion across its portfolio, with proceeds used to pay down overall levels of debt.

The firm also said that the portfolio occupancy stood at 95.9% as at 28 February, up from 92.7% as at 7 November 2022, after it agreed a 10-year lease on Midpoint 18 in Cheshire.

Paul Makin, investor director of Tilstone Partners, Warehouse Reit’s investment advisor, said: "We continue to make strong progress on delivering the company’s strategy to minimise vacancy, capture the portfolio’s inbuilt reversion and reduce debt.

"Occupationally, the UK logistics market remains robust, evidenced by the progress on increasing occupation across the portfolio."