Warehouses acquired in near £20m deal

A pair of warehouses in the West Midlands have been bought as part of a wider deal worth almost £20m.

AIM-listed Warehouse REIT has acquired two detached industrial units totalling 48,000 sq ft at Stonebridge Cross, Droitwich Spa and a 39,000 sq ft unit at Valley Point, Rugby.

The other two warehouses acquired in the £18.6m deal are based in Warrington.

Andrew Bird, managing director of the investment advisor, Tilstone Partners, said: “We are pleased with this latest addition to the Company’s portfolio, which represents an increasingly rare opportunity to acquire a strategic portfolio of assets, in tactical last mile distribution locations, capable of serving the growing e-commerce demand benefitting from ease of access to major UK conurbations in the North West and West Midlands regions.

“Furthermore, a number of lease events offer the opportunity to increase the longevity and quality of income over the short and medium term.

“Having invested the equity from July’s capital raise, we remain focused on advising Warehouse REIT in deploying the remaining associated debt in order to further improve the portfolio metrics and continue to generate shareholder value.”