Warehouse REIT has bought the final asset in its current acquisition pipeline, striking a deal to acquire a three-unit warehouse estate at Glasgow Airport Business Park.
The AIM-listed industrial investor’s £5.3m deal sees it take over the 55,600 sq ft site at a net initial yield of 6.3%.
The estate is occupied by two logistics companies and a craft beer distributor. Together, the properties generate a net rental income of £357,000 a year.
The deal means PHP has completed the near-term acquisition pipeline it laid out when raising £45.9m in new equity last month. However, Andrew Bird, managing director of investment adviser Tilstone Partners, said the company would continue to look for “attractive opportunities”, using its credit line to help diversify the portfolio.
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