Warehouse REIT has more than doubled its profit over the past six months as it plans a move to the main market of the London Stock Exchange.
The REIT said pretax profit had risen to £86.4m for the six months to 30 September, up from £40.4m for the same period last year. Revenue was also up from £15.7m to £23.4m.
It was helped in part by a like-for-like uplift in valuation of 9.4%. Its portfolio is now valued at £907.1m, up from £792.8m in March, comprising £857.7m for the investment portfolio and £49.4m for the development property and land. In March, those figures stood at £751.9m and £40.9m respectively.
The REIT said it had submitted plans for phase two at Radway Green in Crewe, for around 1m sq ft of warehouse space on 60 acres of greenfield land. Planning permission for phase 1 was granted in March, and together they will be worth £200m.
Warehouse REIT’s chair, Neil Kirton, said: “We have maintained our rigorous focus on further improving the quality and security of income from the portfolio, as well as acquiring high-quality, well-located assets at valuations that are accretive to shareholders. Importantly, we also made good progress with embedding sustainability considerations in every aspect of our operations. As the industrial asset class continues to rerate, we look forward to delivering further strong performance for shareholders.”
The company also that a “move to the main market of the London Stock Exchange remains a strategic near-term priority”.
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