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Warehouse REIT acquires four U.K. industrial assets for £26m
Real Estate - SEPTEMBER 25, 2017

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Warehouse REIT acquires four U.K. industrial assets for £26m

by Jody Barhanovich

Warehouse REIT has acquired four multi-let industrial assets in England from Hansteen Holdings for £26.25 million ($35 million). The transaction follows its £150 million ($202 million) initial public offering last week.

Two of the estates are located in the northwest of England, with the other two in the Midlands and the southeast. All assets are in either urban areas or on strategic transport links. The estates have a total floor area of 603,000 square feet.

The purchase is in line with Warehouse REIT’s strategy of investing in good-quality, well-located assets with opportunities to add value.

“Whilst the vendor has run a successful letting campaign with voids down to 9 percent of estimated rental value, this reflects slightly more than the national average, which is characterized by a shortage of well-located warehouse stock, driven by the structural shifts taking place in last-mile delivery,” said Neil Kirton, Warehouse REIT chairman.

 

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