Warehouse REIT has sold two more assets for £9.5m, bringing total disposals for the year to £95m.
The REIT sold a warehouse in Carisbrooke on the Isle of Wight for £3.1m, and another on Newport Road, Cardiff for £6.4m, at 30% ahead of book value and net initial yield of 6%.
Warehouse REIT has sold £40m of assets since April and £94.3m over the past 12 months. Proceeds from the sales will be used to pay down debt. Following the latest disposals, the company has net debt of £276m and an LTV of around 35%.
Simon Hope, co-managing director at the REIT’s investment adviser, Tilstone, said: “These sales demonstrate good progress on the plan Warehouse REIT set out in June. The premium to book value achieved across these sales provides further evidence that liquidity for well-let warehouse assets remains and illustrates Warehouse REIT’s ability to create and crystallise value for shareholders through asset management despite the difficult macro-economic conditions.”
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