Warehouse Reit (WHR)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

82.60p
   
  • Change Today:
      2.10p
  • 52 Week High: 109.60
  • 52 Week Low: 69.70
  • Currency: UK Pounds
  • Shares Issued: 424.86m
  • Volume: 1,336,824
  • Market Cap: £350.94m
  • RiskGrade: 92

Warehouse REIT buys Glasgow Airport warehouse estate

By Josh White

Date: Tuesday 02 Mar 2021

LONDON (ShareCast) - (Sharecast News) - Urban and 'last-mile' industrial asset investor Warehouse REIT announced the acquisition of a multi-let warehouse estate on the Glasgow Airport Business Park in Glasgow on Tuesday, totalling 55,600 square feet.
The AIM-traded real estate investment trust said the purchase price of £5.3m reflected a net initial yield of 6.3%.

It said the three units, which ranged from 16,500 to 21,600 square feet, were occupied by two transport, logistics and delivery companies and a craft beer distributor.

The property generated a net rental income of £0.36m per annum, equating to a low average passing rent of £6.40 per square foot, and provided a weighted average unexpired lease term of over four years to expiry.

It described the Glasgow Airport Business Park as a "prominent" business location adjacent to Glasgow Airport, about nine miles west of the city centre.

Occupiers benefited from "strong" local and global transport links, the board said, including air, rail, bus and road networks.

The business park was located within one minute's drive of the M8 motorway, Scotland's busiest arterial route, and would also benefit from the development of the proposed Glasgow Airport Tram Link.

On 5 February, Warehouse REIT announced it had successfully raised £45.9m by way of a placing to fund a near-term pipeline of acquisitions.

Its acquisition on Tuesday followed the previously-announced £14m acquisition of two distribution warehouses in Harlow and a £35m warehouse estate in Liverpool, and marked the successful deployment of £57.4m including costs, to give a blended net initial yield of 6.3%.

"Glasgow is one of the UK's most dynamic cities, with a growing workforce," said Andrew Bird, managing director of Warehouse REIT's investment advisor, Tilstone Partners.

"Given ongoing e-commerce demands and a vibrant occupational market, it is forecast to see strong levels of warehouse investment activity and rental growth."

Bird said the business park occupied a "highly sought-after" position, and furthered the company's exposure in a key market while adding three strong covenants to the tenant roster.

"Whilst the company has now completed on its near-term pipeline identified as part of the recent successful placing, thereby deploying all of the equity raised, it continues to source attractive opportunities in line with its ambition to continue scaling and diversifying the portfolio, utilising the agreed revolving credit facility."

At 1205 GMT, shares in Warehouse REIT were down 0.78% at 126.5p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Warehouse Reit Market Data

Currency UK Pounds
Share Price 82.60p
Change Today 2.10p
% Change 2.61 %
52 Week High 109.60
52 Week Low 69.70
Volume 1,336,824
Shares Issued 424.86m
Market Cap £350.94m
RiskGrade 92

Warehouse Reit Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
64.68% above the market average64.68% above the market average64.68% above the market average64.68% above the market average64.68% above the market average
38.46% above the sector average38.46% above the sector average38.46% above the sector average38.46% above the sector average38.46% above the sector average
Price Trend
22.74% below the market average22.74% below the market average22.74% below the market average22.74% below the market average22.74% below the market average
53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average53.33% below the sector average
Income
55.36% above the market average55.36% above the market average55.36% above the market average55.36% above the market average55.36% above the market average
44.00% above the sector average44.00% above the sector average44.00% above the sector average44.00% above the sector average44.00% above the sector average
Growth
31.96% below the market average31.96% below the market average31.96% below the market average31.96% below the market average31.96% below the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Warehouse Reit Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 29-Feb-24 30-Nov-23
Paid 02-Apr-24 29-Dec-23
Amount 1.60p 1.60p

Trades for 28-Mar-2024

Time Volume / Share Price
16:56 327,113 @ 82.65p
16:35 139,128 @ 82.60p
16:35 1,765 @ 82.60p
16:35 1,305 @ 82.60p
16:35 438 @ 82.60p

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