Sunday, July 21, 2024

Warehouse investor sells Chesterfield site for £46m

Warehouse REIT, the multi-let warehouse investor, has completed on the sale of £57.5 million of single-let assets in three separate transactions.

This includes Barlborough Links in Chesterfield, sold for £46 million.

Warehouse REIT acquired the site with Amazon as its tenant in 2020 for £57.3m.

The deal is in line with Warehouse REIT’s strategic focus on the multi-let warehouse asset class.

The other properties sold comprise Parkway Industrial Estate in Plymouth, sold for £6.3 million, and Celtic Business Park in Newport, sold for £5.2 million.

Simon Hope, Warehouse REIT, said: “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.

“At the same time, we continue to reshape our portfolio to focus on the highly attractive multi-let subsector of UK real estate, which plays to our strengths and is where we can drive income and capital growth over the long term.”

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