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Warehouse REIT PLC on Monday said that it has sold two assets in separate transactions for a total of £13.4 million.
According to the London-based real estate investment trust, which is focused on UK industrial warehouses, the combined price is 3.7% ahead of September’s book value, and reflects an average net initial yield of 5.3%.
Firstly, Warehouse REIT sold Warrington South Industrial Estate, a 106,000 square-foot property near Liverpool, for £11.6 million. Secondly, it sold Pellon Lane, a 20,000 square-foot warehouse in Halifax near Leeds, for £1.8 million.
These disposals bring total sales since April 1 to £53.0 million, Warehouse REIT said.
‘Strengthening our balance sheet and earnings position by releasing capital from assets which are low yielding or where we have successfully executed our business plan is a key priority for us. As these disposals show, we continue to evaluate all opportunities to do that,’ said Non-Executive Director Simon Hope.
Warehouse REIT shares were trading 1.3% higher at 85.20 pence each in London on Monday morning.
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