M7 Regional E-Warehouse REIT posts debut results
The net asset value of M7’s Regional E-Warehouse REIT has fallen by 11% since its listing in October 2021.
Its first audited results, from its incorporation in October 2021 to the end of 2022, show the fair value of the REIT’s portfolio of 17 assets has fallen by 4.2% since admission to £106m.
Net asset value declined by £4.3m to £33.3m, a fall of 11.3%.
The net asset value of M7’s Regional E-Warehouse REIT has fallen by 11% since its listing in October 2021.
Its first audited results, from its incorporation in October 2021 to the end of 2022, show the fair value of the REIT’s portfolio of 17 assets has fallen by 4.2% since admission to £106m.
Net asset value declined by £4.3m to £33.3m, a fall of 11.3%.
The listing, on the IPSX platform, raised £38m in October 2021.
Since then the REIT recorded an operating profit of £6.2m, from £8.76m of rental income.
Non-executive chair James Max said: “The positive set of results we have announced today demonstrate the continued resilience of, and strength of occupier demand there is for, both M7 Regional E-Warehouse REIT’s portfolio and the wider asset class. During what has been a challenging year in broader macroeconomic terms, we have continued to achieve strong rent collection, maintained high occupancy and reported a valuation that significantly outperformed the wider commercial real estate market.”
He added: “We have significant headroom on our debt facilities, and, against a backdrop of wider economic challenges, we continue to closely monitor the outlook for the business while taking comfort in the underlying strength of occupier demand and the quality of our portfolio.”
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