Property investor sells Devon warehouse in £6.3m deal

A property investor has sold a warehouse in Devon in a deal valued at £6.3m.

Warehouse REIT, the multi-let warehouse investor, has announced that it has completed on the sale of £57.5m in three separate transactions.

The deal brings total sales since the investor’s deleveraging plan was announced in November 2022 to £165.2m.

The transactions include Barlborough Links in Chesterfield, sold for £46m; Parkway Industrial Estate in Plymouth, sold for £6.3m and Celtic Business Park in Newport, sold for £5.2m.

Warehouse REIT said it remains committed to extracting value from Radway Green, its development site in Crewe, where negotiations are currently progressing well.

Simon Hope, from 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.”

Warehouse REIT will announce its full year results for the period ended 31 March 2024 on Tuesday 25 June 2024.

 

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