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Warehouse Reit Plc

3.00 (2.94%)
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
  3.00 2.94% 105.00 543,388 16:35:00
Bid Price Offer Price High Price Low Price Open Price
104.40 105.40 105.60 100.00 100.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trust 51.40 191.20 45.00 2.27 446.10
Last Trade Time Trade Type Trade Size Trade Price Currency
17:50:46 O 5,830 105.088 GBX

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Date Time Title Posts
06/4/202321:07Warehouse Reit689

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Posted at 30/3/2023 08:13 by skinny

Warehouse REIT progresses disposal strategy with GBP54.7 million of sales

Disposals, active management and robust UK warehouse tenant demand has increased portfolio occupancy to 95.9%, up from 92.7%

Warehouse REIT ("the Company"), the industrial warehouse investor, announces continued progress delivering on its strategy to capture the inbuilt reversion across its 8.3 million sq ft portfolio, whilst also recycling proceeds through sales to pay down its overall level of debt.

Asset Disposals

In line with its strategy, the Company has recently concluded the sale of two distribution estates totalling 269,000 per sq ft, for GBP29.5 million, generating an ungeared IRR of 9%.

The disposals comprise:

-- 12 Exeter Way, Theale, a vacant 92,000 sq ft warehouse with a high office component, acquired by an owner occupier for GBP15.0 million.

-- Temple House, Harlow, for GBP14.5 million. The asset has been sold ahead of a potential vacancy and capital expenditure costs, following the receipt of notice to break from the main tenant in March 2023.

These disposals, in addition to the GBP13.9 million of sales announced at the half year results on 8 November 2022, have been augmented by another GBP11.3 million of smaller asset sales, taking total H2 disposals to GBP54.7 million.

Asset Management

Additionally, reflecting the robustness of the UK occupational market, the Company has reduced portfolio vacancy through active asset management initiatives and disposals, increasing the portfolio occupancy to 95.9% (as at 28 February 2023), from 92.7% (as at 7 November 2022).

Significant transactions include Midpoint 18, where the Company has exchanged on a new 10-year lease with a 5 year break, on previously vacant commercial space, to Inhealth Intelligence, a leading software provider of information management solutions for the UK healthcare sector, generating rent of GBP0.2 million per annum. Midpoint 18 is strategically located near the M6 motorway in Cheshire and totals c. 600,000 sq ft of multi and single tenant space.

Separately, the Company has also completed the construction, for GBP3.9 million, of an open storage scheme on surplus land at Midpoint 18. Brit European, an international specialist logistics occupier, has agreed a 15 year lease for the purpose built facility, generating GBP0.3m per annum of rent. Brit European is being relocated from the Company's nearby Radway Green Estate, facilitating vacant possession and advancing the wider redevelopment.

Paul Makin, Investment Director of the Investment Advisor, Tilstone Partners Limited, commented:

"We continue to make strong progress on delivering on the Company's strategy to minimise vacancy, capture the portfolio's inbuilt reversion and reduce debt. We have taken advantage of continued investor demand for exposure to the sector by arranging for the Company to undertake two further opportunistic disposals of assets requiring significant capital expenditure, simultaneously demonstrating the ongoing liquidity of the Company's real estate. In total, the Company has completed GBP54.7 million of sales during H2.

"Occupationally, the UK logistics market remains robust, evidenced by the progress on increasing occupation across the portfolio. The transactions at Midpoint 18 also demonstrate the acute shortage of good quality accommodation in the North West market, as well as the benefits of the locations of the Company's assets, close to key infrastructure and employment hubs."


Posted at 28/2/2023 07:09 by skinny
Posted at 27/2/2023 16:09 by makinbuks
Lets be honest they love giving updates when things are all positive. I have no reason to believe there are any issues at WHR but a market led reduction in NAV is unavoidable and the future is unpredictable regarding interest rates so they say nothing
Posted at 19/10/2022 09:52 by skinny
Posted at 29/9/2022 11:36 by qs99
if you think the world is going to end and UK economy shrink by 50% then no WHR is not for you, however, as I say above, long-term, this looks an interesting opportunity given the massive crash in the share price when it is not over-geared IMO....all depends on whether you think prices are going to tank and its rental roll will do likewise....DYOR
Posted at 28/9/2022 14:43 by riverman77
Seriously though, long gilt yields rallying today after BOE intervention and some REITs also up. WHR fallen further than most and not reacted today so could be a buying opportunity.
Posted at 24/9/2022 17:44 by jdh1602
When markets go down, anything with risk gets sold off hard - sell first, ask questions later! Kill or be killed! This time, i'm dead as a dodo, I owned both WHR and the ABRDN fund.
Posted at 23/9/2022 09:16 by sleepy
Thanks alter ego.

WHR are down16% in 10 days. Are other REITS down that much?

Posted at 15/8/2022 14:23 by qs99
Share price looking pretty good no?
Posted at 04/7/2022 09:18 by riverman77
I suspect the fund manager is talking about falls in share prices of industrial focused REITs (SGRO, BBOX, WHR all down sharply). However, I don't see much evidence that underlying property prices (used to calculate the NAV) have fallen. CBRE surveys suggest industrial is still the fastest growing part of the property market.
Warehouse Reit share price data is direct from the London Stock Exchange
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