Warehouse REIT PLC (AIM:WHR), the industrial property owner, has sold £57.5 million of single-let assets in three separate transactions.
Prices were in with the 31 March 2024 valuation representing a net yield on passing rent of 5.8% and bringing total sales under a deleveraging plan announced in November 2022 to £165.2 million.
The properties sold were Barlborough Links in Chesterfield, for £46.0 million; Parkway Industrial Estate in Plymouth, for £6.3 million; and Celtic Business Park in Newport, for £5.2 million.
As a result of the sales, Warehouse REIT’s multi-let weighting increases from c.70% to c.77% on a pro forma basis.
Simon Hope, Warehouse REIT, commented: "Rebuilding dividend coverage is our key priority, and by reducing our debt and our finance costs, the sale of these single-let assets is an important milestone in that respect.”
Shares rose 1.9% to 80.3p.