Tritax Big Box has sold £327m of assets since the start of the year, with more to come.
The warehouse REIT said it had sold six assets at a blended net initial yield of 4.34%.
The proceeds from the sales, which were all at or above the most recent valuations, are being recycled into the development pipeline, delivering a 6-8% yield on cost.
It is also looking at opportunistic investment acquisitions.
Chief executive Colin Godfrey said: “Our disposals provide further evidence of the delivery of our strategy as we continue to optimise our portfolio. We are realising the value of assets that have delivered attractive returns in our ownership and effectively recycling capital into higher-returning development and acquisition opportunities. The overall high quality of our portfolio is reflected in our ability to continue to sell assets at or above their book value despite ongoing reduced levels of investment market activity.”
The six assets sold were: an 848,000 sq ft shed in Corby let to Eddie Stobart; a 659,000 sq ft asset in neighbouring Raunds, let to Howdens; a 578,000 sq ft warehouse in Knowsley let to Matalan; a 470,000 sq ft building in Skelmersdale let to DHL; and a 331,000 sq ft warehouse let to Cerealto in Worksop. It also sold a vacant 84,000 sq ft multi-let industrial building in Littlebrook.
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