Warehouse REIT has acquired four units at Boulevard Industry Park in Speke, Liverpool for £35m.
The four warehouses span 390,000 sq ft, with a net rental income of £2.1m generating a net initial yield of 5.5%.
They range from 74,000 sq ft to 163,000 sq ft and are occupied by automotive and pharmaceutical tenants. The properties have an average rent of £5.31 per sq ft and provide a WAULT of more than seven years.
Boulevard Industry Park neighbours Jaguar Land Rover’s 300-acre Halewood manufacturing plant and major Astra Zeneca and Seqirus facilities at the southern gateway to Liverpool city centre.
The acquisitions take Warehouse REIT’s portfolio to more than 8m sq ft of industrial space. It has a further £50m of firepower which will be dedicated to further purchases.
Andrew Bird, managing director of the REIT’s investment adviser, Tilstone Partners, said: “The North West is one of the UK’s most dynamic regions from both a population and employment perspective, and the significant infrastructure investments made and ongoing is putting the availability of modern, urban warehouse space under severe pressure.
“Despite this, there are a number of pockets where average rents have yet to catch up with the rest of the market, and having acquired a number of assets at and since IPO, the company now benefits from a strong weighting in the region.”
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