Share Name Share Symbol Market Type Share ISIN Share Description
Warehouse Reit Plc LSE:WHR London Ordinary Share GB00BD2NCM38 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 116.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
115.50 116.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 30.05 20.68 8.60 13.5 440
Last Trade Time Trade Type Trade Size Trade Price Currency
17:56:52 O 7 116.00 GBX

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Date Time Title Posts
30/11/202015:32Warehouse Reit475

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Warehouse Reit (WHR) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-12-02 16:35:06116.0033,38238,723.12UT
2020-12-02 16:29:51115.50117135.14AT
2020-12-02 16:29:30116.00455527.80AT
2020-12-02 16:29:30116.008396.28AT
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Warehouse Reit (WHR) Top Chat Posts

Warehouse Reit Daily Update: Warehouse Reit Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker WHR. The last closing price for Warehouse Reit was 116p.
Warehouse Reit Plc has a 4 week average price of 112p and a 12 week average price of 104p.
The 1 year high share price is 122.50p while the 1 year low share price is currently 69p.
There are currently 379,344,951 shares in issue and the average daily traded volume is 886,167 shares. The market capitalisation of Warehouse Reit Plc is £440,040,143.16.
makinbuks: Thanks salchow, the shareholder circular is silent on the matter disappointingly but as you say the accounts of Greenstone Oxford show an acquisition for £31m in 2017 or early 2018 with additions of £3m the following year and now we are paying £44m. the cash consideration as I read it gives them their money back and the shares are therefore their profit which effectively they are rolling into WHR. As I say, the valuation in todays terms looks reasonable and you can't argue with issuing shares at NAV and premium to then market price. So nothing to complain about but the management arrangements here are murky. That may be in everyones best interests in the long run and certainly while we are in a "hot" market.
jombaston: I didn't know what to make of these related party transactions when I first read about it. I am sure the Directors are following all the appropriate procedures but it doesn't look good to me. I wonder how this sort of behavior would be regarded in a larger main market REIT? Surely if the Directors are getting a fair market price, they could have sold these properties to another company and WHR could have found something else to buy? These guys are non-execs so fair enough they can pursue their own business interests, but the market is surely large enough that they don't have to get matters this messy. Why put themselves into such a conflict of interest?
salchow: With regard to the questions raised by Sleepy and Makinbuks on 16th November, it appears that Greenstone Oxford probably bought the properties in September 2017 which was around the time that Warehouse REIT was formed. So yes, they seem to have bought them when they were directors of Warehouse REIT. They have made a very good profit by buying them for their own company in a period when prices of warehouses have risen and I guess so long as Warehouse REIT are paying current value there is not too much of an issue. Why they didn't have Warehouse REIT buy them it the first place at the much lower price I couldn't comment upon. Having bought lower down I have sold myself at the current increased price for a good gain but longer term it will probably be a reasonable investment with the directors having bought heavily in July at 110p.
makinbuks: To be fair an initial yield of 6.7% looks a decent price to pay and furthermore they are taking part in shares issued at NAV but I share your concerns Sleepy. I think given the closeness of the transaction there should be more detail disclosed, namelu what they paid for these assets and when. So if they bough them ten years ago and have made a gain in line with markets fair enough but if they bought them whilst directors of WHR that begs a lot of questions.
sleepy: Interesting deal Greenstone Oxford had properties valued by Simon and Stephen, as Directors, at £34.1 million on 31 March 2020 Are these the properties WHR have just bought for £43.6 million? Were any of them purchased by Greenstone while Simon and Stephen were also WHR Directors?
chucko1: "Hard times" - yes, but WHR are already seen as a mild winner from the situation, so I am not sure there are going to be riches here. However, as a solid income producer at 5.68% yield, yes, bring it on. I have quite a few.
nimbo1: not enjoying the purchase from big box - known as overpaying in the industry for almost everything they buy (because they can always win as just get more institutional money). Then WHR swoop in and pay them a full price for the asset - I know its a a great market etc just thought whr wouldn't be buying big boxes off bbox!
cvcrp: what are people's views on this fund raise? My own are: -coming off the back of recent rises the shares don't seem a screaming buy like a month or so ago -there are plenty of other reits trading at a discount about, albeit not in the warehouse sector. -Reits only do subscriptions when they are fully priced and from experience there is likely to be a better time to buy in at a lower price down the line. -1 in 3 is not a small amount of cash to magic up, so the offer would need to be really compelling for me to sell elsewhere to fund -share price falls on the day of announcement to the 110 in any case, so why don't i just buy the shares in the market... - I would have hoped for more info on why this pipeline of opportunities is such a good investment and worth my money. Having said this the management team seem to asset managed well to increase value, but give me a little more than blind faith to go on i guess. In summary, i just can't get excited about buying into this offer.
skinny: The link :- Proposed Issue of New Ordinary Shares. Summary · Issue of up to 159,090,908 New Ordinary Shares pursuant to a Firm Placing, Placing, Open Offer and Offer for Subscription and Intermediaries Offer, raising gross proceeds of up to £175.0 million · Firm Placing of up to 68,181,818 New Ordinary Shares to be conducted through an accelerated bookbuild process which will be launched immediately following this announcement · Placing of up to 90,909,090 New Ordinary Shares open to institutional investors immediately following this announcement · Qualifying Shareholders are being offered the opportunity to participate in the Open Offer of up to 80,084,681 New Ordinary Shares on the basis of 1 New Ordinary Share for every 3 Existing Ordinary Shares · Qualifying Shareholders are also being offered the opportunity to subscribe for New Ordinary Shares in addition to their Open Offer Entitlement under the Excess Application Facility · The Board has the ability to increase the size of the Firm Placing, the Placing and/or the Offer for Subscription (including the Intermediaries Offer) by a further 68,181,818 New Ordinary Shares in aggregate should there be sufficient demand · The Issue Price is 110.0 pence per New Ordinary Share. This represents a premium of 0.5 per cent. to the Net Asset Value per Ordinary Share as at 31 March 2020 (audited) of 109.5 pence per Ordinary Share · The Issue Price represents a discount of 1.3 per cent. to the Closing Price per Ordinary Share on 17 June 2020 of 111.5 pence per Ordinary Share · Demand for warehouse space is coming from an increasingly diversified occupier base, many of whom are businesses responding to structural changes in their markets driven by the growth in e-commerce - the current COVID-19 pandemic has highlighted the acceleration in this trend · TPL has identified a pipeline of investment opportunities amounting to approximately £346.0 million, of which over £123.0 million are in exclusive or final negotiations or have solicitors instructed and approximately a further £223.0 million are in detailed negotiations, including several with an e-commerce focus · Once fully invested, the Issue is expected to be earnings accretive with improved income diversification · As announced on 2 June 2020 in the Company's Final Results, the Property Portfolio was valued at £450.5 million as at 31 March 2020, a like-for-like increase of 2.5% on the valuation at 31 March 2019. The valuation of the same portfolio at 31 January 2020 was £454.9 million, a like-for-like increase of 4.1% on 31 March 2019. The decrease in value since January reflects the uncertainty caused by COVID-19. EPRA EPS for the year ended 31 March 2020 totalled 6.3 pence per share · The Company has paid or announced dividends totalling 6.2 pence per share for the year ending 31 March 2020 thereby meeting its revised dividend target. Management continue to target a total dividend per share of 6.2 pence for the year ending 31 March 2021 and will monitor this as the impact of COVID-19 is better understood.(1) The Board intends to declare the dividend for the first quarter of the year ending 31 March 2021 in August 2020 · Save in respect of the dividend declared on 1 June 2020 which is scheduled to be paid on 3 July 2020 to shareholders on the register on 12 June 2020, the New Ordinary Shares will rank, from Admission, pari passu in all respects with the Existing Ordinary Shares and will have the right to receive all dividends and distributions declared in respect of issued Ordinary Share capital of the Company after Admission including the interim dividend in relation to the three months to 30 June 2020 (1) This is a target only and not a profit forecast. There can be no assurance that the target can or will be met and it should not be taken as an indication of the Company's expected or actual future results.
nimbo1: I'm amazed by the share price rise - in my opinion the share price has got ahead of itself - but then again my opinion is clearly worthless here having sold out at 110p!
Warehouse Reit share price data is direct from the London Stock Exchange
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