LONDON (ShareCast) - (Sharecast News) - British real estate investment outfit Warehouse REIT has exchanged contracts to acquire multi-unit estates in Northampton and Aberdeen for a total of £37m.
The consideration for the assets, purchased in two separate transactions, reflected a blended net initial yield of 6.6%.

In Northampton, Warehouse REIT snapped the freehold of two John Lewis distribution units, totalling 336,000 square feet with a headline rent of £1.83m per year.

Up in Aberdeen, the AIM-listed outfit acquired the long leasehold 125,000 square foot Murcar multi-let industrial estate, let to a range of occupiers and generating a total net passing rent of £776,030 per annum.

Andrew Bird of Warehouse REIT's manager Tilstone said: "Following the successful fundraise providing the REIT with £120 million of capital to deploy, it is pleasing to deliver these high quality acquisitions, including another from our identified near term pipeline at the time of the equity raise, as we continue to demonstrate that we have the team in place to originate and acquire a range of favourably yielding opportunities across the UK.

"In Northampton, the warehouses are operational critical to John Lewis in what is still an undersupplied part of the UK for mid-box warehouses, whilst the Murcar industrial estate will deliver attractive day one income at the same time as presenting a number of value-enhancing asset management initiatives to both improve the rental tone and deliver capital growth."

As of 0850 BST, Warehouse REIT shares had inched forward 0.27% to 101.78p.

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