Warehouse REIT, the multi-let warehouse investor, has completed on the sale of £57.5m of single-let assets in three separate transactions.
The combined sales price is in line with the 31 March 2024 valuation, said the REIT, and represents a net yield on passing rent of 5.8%.
The latest deals bring total sales since Warehouse REIT announced its deleveraging plan in November 2022 to £165.2m.
The latest sales include Barlborough Links in Chesterfield, which sold for £46m, Parkway Industrial Estate in Plymouth, sold for £6.3m and Celtic Business Park in Newport, which has been sold for £5.2m.
Warehouse REIT said its multi-let weighting had increased from 70% as at 30 September 2023 to 77% as a result of the sales.
Co-managing director Simon Hope said: “Rebuilding dividend coverage is our key priority, and by reducing our debt and our finance costs, the sale of these single-let assets is an important milestone in that respect.
“At the same time, we continue to reshape our portfolio to focus on the highly attractive multi-let subsector of UK real estate, which plays to our strengths and is where we can drive income and capital growth over the long term.”
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