Boot(Henry) PLC Henry Boot Completes Sale of Logistics Unit

TIDMBOOT

Boot(Henry) PLC

03 August 2022

3 August 2022

HENRY BOOT PLC

('Henry Boot' or 'the Group')

HENRY BOOT COMPLETES SALE OF YORKSHIRE LOGISTICS UNIT FOR GBP11. 35 MILLION

Henry Boot has announced that its property investment and development business, HBD, has completed the sale of a 65,000 sq ft warehouse unit at the Group's flagship Wakefield Hub logistics development in Yorkshire for GBP11.35m, representing a 23% premium to last reported book value.

In 2018, HBD agreed to forward fund its Joint Venture at Wakefield Hub in the building of the unit following a 20-year pre let to Kitwave, who took occupation earlier this year. The unit has subsequently been acquired by ABRDN, with the sale price reflecting a net initial yield of 3.27%.

Wakefield Hub is a 200-acre industrial and logistics development being delivered by a Joint Venture between HBD and Yorkcourt. A nationally important logistics site, it is capable of accommodating more than 1.5 million sq ft of warehouse facilities, benefiting from a strong distribution location at Junction 30 of the M62, with direct links to the M1.

The Kitwave unit covers four acres of the scheme and was completed to a 'BREEAM Very Good' standard, with 80 car parking spaces and 24 lorry bays sitting alongside the purpose-built distribution facility.

Tim Roberts, CEO of Henry Boot PLC, commented: "The high quality of product being delivered by HBD at Wakefield Hub is evidenced through this disposal. The Kitwave warehouse presents a highly attractive investment proposition due to the asset's quality and specification, its covenant strength, and strategic location. Wakefield has cemented itself as a key destination for national logistics operators, while a shortage of Grade A space locally supports the resilience of demand at this flagship scheme as HBD continues to progress its delivery and maximise its potential."

-ENDS-

Enquiries:

FTI Consulting

Ph: 020 3727 1000

Email: [e-mail]

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Group Finance Director

Daniel Boot, Group Communications Manager

Tel: [phone]

www.henryboot.co.uk

Numis Securities Limited

Joint Corporate Broker

Ben Stoop / Will Rance

Tel: [phone]

Peel Hunt LLP

Joint Corporate Broker

Charles Batten / Harry Nicholas

Tel: [phone]

About Henry Boot PLC

Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:

Land Promotion:

Hallam Land Management Limited

Property Investment and Development:

Henry Boot Developments Limited (HBD) , Stonebridge Homes Limited

Construction:

Henry Boot Construction Limited , Banner Plant Limited , Road Link (A69) Limited

The Group possesses a high-quality strategic land portfolio, a proven reputation in the property development market for creating places with purpose, backed by a substantial investment property portfolio and an expanding, jointly owned, housebuilding business. It has a construction specialism in both the public and private sectors, a plant hire business, and generates strong cash flows from its PFI contract, Road Link (A69) Limited.

www.henryboot.co.uk

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August 03, 2022 02:00 ET (06:00 GMT)