Warehouse REIT has exchanged contracts to acquire a multi-unit estate in Northampton let to John Lewis and a multi-let industrial estate in Aberdeen.
The AIM-listed specialist warehouse investor bought the assets in two separate transactions for £37m, reflecting a blended net initial yield of 6.6%.
In Northampton, the company has acquired the freehold of two John Lewis distribution units totalling 336,000 sq ft.
In its second transaction, the company has acquired the long leasehold on the 125,000 sq ft Murcar multi-let industrial estate in Aberdeen.
Andrew Bird of Tilstone, which manages Warehouse REIT, said: “Following the successful fund raise providing the REIT with £120m of capital to deploy, it is pleasing to deliver these high quality acquisitions, including another from our identified near term pipeline at the time of the equity raise, as we continue to demonstrate that we have the team in place to originate and acquire a range of favourably yielding opportunities across the UK.
“In Northampton, the warehouses are operation-critical to John Lewis in what is still an undersupplied part of the UK for mid-box warehouses, whilst the Murcar industrial estate will deliver attractive day one income.”
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