Warehouse REIT acquires two sites in Harlow
Warehouse Reit
76.90p
13:34 23/12/24
-0.52%
-0.40p
Real estate investment trust Warehouse REIT has acquired two adjacent distribution warehouses in Harlow.
FTSE AIM 100
3,443.88
13:35 23/12/24
n/a
n/a
FTSE AIM 50
3,873.33
13:35 23/12/24
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FTSE AIM All-Share
712.15
13:35 23/12/24
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Real Estate Investment Trusts
1,980.46
13:34 23/12/24
-0.31%
-6.07
Warehouse REIT said on Friday that the two sites, located in the established Templefields industrial area, total 177,000 square feet and were snapped up for £13.9m including costs, reflecting a net initial yield of 8.6%.
The AIM-listed group highlighted that the warehouses generate £1.2m of contracted rent per year, which equates to a low passing rent of £6.72 per square foot and offers "significant potential" for rental growth.
Separately, Warehouse REIT announced a placing of up to 37.93m new ordinary shares at 121.0p each as part of an effort to finance the acquisition.
As of 0855 GMT, Warehouse REIT shares were down 1.97% at 123.52p.