27th Sep 2018 13:26
LONDON (Alliance News) - Warehouse REIT PLC said on Thursday it has completed the sale of two properties.
The AIM-listed warehouse investor said it has completed the sale of a 30,000 square foot multi-let industrial estate at Stukeley Meadows, Huntingdon, for GBP3.3 million. This reflected a net initial yield of 5.4% and a 16% premium to the March book value.
The company also has completed the sale of Warwick House, in Solihull, for GBP2.9 million, reflecting a 12% premium to the March book value.
The sale proceeds will be utilised to reduce the revolving credit facility element of the company's bank facility prior to any redeployment.
Andrew Bird, managing director of Tilstone Partners Ltd, the manager of Warehouse REIT, commented: "This activity further demonstrates our asset management team's ability to undertake significant value enhancing activity across the portfolio, before recycling some of the more mature assets ahead of book value. At the same time, it reduces our LTV to below 40%, a key milestone set out at the recent year end."
Shares in Warehouse REIT were up 0.5% at 98.19 pence on Thursday.
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