Warehouse REIT has agreed new lettings with a combined value of £2m during the past 12 weeks, its top team citing ongoing demand for last-mile logistics space.
The company has completed or is under offer on 43 lettings and lease renewals across 277,000 sq ft since 1 April. Of the £1.9m in annual rent, £833,000 is from new deals.
Andrew Bird, managing director of Tilstone Partners, the REIT’s investment adviser, said: “Despite the ongoing market uncertainty, competition for space from a broad range of tenants is underpinning our ability to significantly improve the rental tone across the portfolio.”
The deals include a new five-year lease for the Leeds and York Partnership NHS Foundation at Roseville Business Park in Leeds, which has taken 13,300 sq ft in addition to the 7,000 sq ft it already occupies.
Other renewals include a previously announced 10-year lease for Iron Mountain, a New York-listed storage and information management services company, at Stretton Green Distribution Park in Warrington.
Warehouse REIT said this month that it would attempt to bring an equity raising deal postponed earlier in the year back to market.
“Prior to the onset of Covid-19, we had identified a significant pipeline of attractive acquisitions,” said chairman Neil Kirton. “We still see good opportunities to continue with our investment strategy, with much of this pipeline still in place, and a proportion of it now at potentially more attractive values, as well as several new opportunities emerging in recent months.”
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