The chairman of Warehouse REIT has highlighted the company’s “investment firepower” as he sets out plans to add to its assets in a market that has become even more attractive during the Covid-19 lockdown.
In interim results for the six months to 30 September, Neil Kirton said Warehouse REIT remains “very active corporately” following a £153m equity raising.
“Combining the new equity raised in the period with our debt facilities [of £220m] gives us real balance sheet strength and investment firepower,” Kirton added. The company made three acquisitions during the six months – including two deals that have made Amazon its most significant tenant.
Warehouse REIT’s acquisition pipeline is focused on the e-commerce market, and the company has assets valued at around £130m in exclusive or final negotiations, or with solicitors instructed.
The company has also continued with asset management initiatives, highlighting a lease renewal with information management company Iron Mountain in Warrington (site pictured).
The company’s results showed rising revenue, profit and portfolio valuation, with a profit before investment gains of £10.8m on revenue of £15.7m. Portfolio value increased by 6.6% to £563.2m, with NAV per share at 118.4p.
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