Sunday, December 5, 2021
Real EstateUK

£35m deal agreed for major warehouse project

warehouse deal

Warehouse REIT has announced the acquisition of four warehouse units in Liverpool

A deal worth £35m has been agreed for a major warehouse project which is located on land next to Jaguar Land Rover’s Halewood manufacturing plant and major AstraZeneca and Seqirus facilities.

Warehouse REIT has announced the acquisition of four warehouse units on Boulevard Industrial Park in Speke, Liverpool, covering an area of 390,000 sq ft.

The units range from 74,000 sq ft to 163,000 sq ft, and are occupied by three businesses from the automotive and pharmaceutical sectors.

This comes after the AIM-listed firm revealed that it had successfully raised £45.9m via a placing, to fund a pipeline of acquisitions over the short term.

Andrew Bird, managing director of the investment advisor, Tilstone Partners, said: The North West is one of the UK’s most dynamic regions from both a population and employment perspective, and the significant infrastructure investments made and ongoing is putting the availability of modern, urban warehouse space under severe pressure.

Despite this, there are a number of pockets where average rents have yet to catch up with the rest of the market, and having acquired a number of assets at and since IPO, the company now benefits from a strong weighting in the region, Bird said.

This transaction marks significant progress delivering on the agreed pipeline and we are pleased that the company has now deployed the majority of the equity raised at the recent placing, he said.

Bird said, we are grateful for the support of shareholders and, utilising the agreed revolving credit facility, the company has remaining firepower of around £50m allowing it to continue to source and execute on attractive opportunities as it focuses on growing and diversifying the portfolio, whilst improving both the contracted income and reversion potential.

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