Warehouse REIT has completed on the sale of £57.5 mln (€68 mln) of single-let assets in three separate transactions.
The combined sales price is in line with the 31 March 2024 valuation and represents a net yield on passing rent of 5.8%.
This brings total sales since the firm's deleveraging plan was announced in November 2022 to £165.2 mln.
The transactions comprise: Barlborough Links in Chesterfield, sold for £46.0 mln; Parkway Industrial Estate in Plymouth, sold for £6.3 mln; and Celtic Business Park in Newport, sold for £5.2 mln.
Following the sales, the portfolio’s multi-let weighting increases from 70% as at 30 September 2023 to 77% on a pro forma basis.
'This is in line with our strategic focus on the multi-let warehouse asset class, which can accommodate a broader range of occupier at every stage of its life cycle, and provides faster access to rental reversion, given the frequency of lease events,' the company said.
Simon Hope, Warehouse REIT, commented: 'We continue to reshape our portfolio to focus on the highly attractive multi-let subsector of UK real estate, which plays to our strengths and is where we can drive income and capital growth over the long term.'
