Warehouse REIT has agreed a 10-year lease renewal at Midpoint 18 in Middlewich.
The deal was signed with Wincanton, one of the largest occupiers in the REIT’s portfolio. The facility comprises 375,000 sq ft of logistics space.
Wincanton will pay a new headline rent of £6.50 per sq ft, rising to a minimum of £7 per sq ft at the end of the fifth year. The new headline rent represents an uplift of 28.8% against the previous passing rent and secures £2.4m of contracted rent for the REIT. The lease includes an occupier break in years three and five.
Midpoint 18, totalling 725,000 sq ft, is the largest asset in Warehouse REIT’s portfolio. It sits just off the M6, with access to international freight lines through Liverpool Docks.
Paul Makin, of Tilstone Partners, an investment adviser to the REIT’s manager G10 Capital, said: “With the supply of existing and new multi-let warehousing in the UK continuing to be very tight, and occupational markets remaining resilient across a broad range of sectors, Warehouse REIT is well placed to capitalise on these attractive market fundamentals.”
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