Industrials REIT is expecting investment opportunities later in the year, but for now is keeping its powder dry.
The multi-let industrial specialist made no acquisitions in the last quarter.
Chief executive Paul Arenson said: “Investment activity in the last quarter of 2022 remained muted when compared to previous years. Despite this, there remains plenty of capital seeking MLI investment opportunities at a repriced level and increasing evidence of vendors adjusting their expectations. We continue to watch the market carefully and believe that attractive and accretive acquisition opportunities will emerge as we move through the first half of 2023.”
Figures from DTRE showed that the MLI investment market was subdued in Q4, with transaction volumes 23% down on Q4 2021.
Rents for the REIT continued to improve. Relettings and renewals brought in an average uplift of 31%, with new lettings up by 36% on previous rents. Like-for-like passing rents for the total portfolio were up 5% and ERVs up 10.5%.
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