22nd Jan 2024 12:51
(Alliance News) - Warehouse REIT PLC on Monday reported "strong" leasing activity in its third quarter, securing an additional 22% in contracted rent.
In the three months that ended December 31, the London-based real estate investment trust focused on UK industrial warehouses said it completed 900,000 square feet of leasing activity, raising contracted rent by 22% to GBP5.2 million compared to a year earlier.
This included 15 new lettings, up 33% from a year earlier and 8.4% ahead of March estimated rental value; 16 renewals, up 38% from a year earlier and 9.8% ahead.
In the nine months that ended December 31, Warehouse REIT said leasing activity was 1.4 million square feet, on average up 27% from previous contracted rent a year earlier.
"This pace of activity demonstrates that the market for affordable, well-located, multi-let industrial space is holding up well," said Simon Hope, co-managing director at Tilstone Partners and investment adviser to Warehouse REIT.
"Deals have been agreed well ahead of prior rents and the portfolio is successfully appealing to more higher value occupiers from a wide variety of sectors. The Warehouse REIT portfolio was 11.7% reversionary at half year and this good performance demonstrates great progress capturing that upside."
Shares in Warehouse REIT were up 0.5% to 82.50 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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