Warehouse REIT completed 900,000 sq ft of leasing deals – securing £5.2m in contracted rent – in the three months to 31 December 2023.
In a trading update, the company said during the reporting period it completed 15 new lettings, 33.2% ahead of previous contracted rent and 8.4% ahead of March ERV; 16 lease renewals, 38.2% ahead of previous contracted rent, 9.8% ahead of March ERV; and six rent reviews, 13.7% ahead of previous contracted rent and 1.4% ahead of March ERV.
The new deals included the letting of a unit (pictured) at Bradwell Abbey in Milton Keynes to a UK logistics business, generating £97,000 – 10.5% ahead of March ERV.
For the nine months to 31 December 2023, the company completed 1.4m sq ft of lettings, on average 26.9% ahead of previous contracted rent.
Simon Hope, co-managing director of Tilstone Partners, investment advisor to Warehouse REIT, said: “This pace of activity demonstrates that the market for affordable, well-located, multi-let industrial space is holding up well. Deals have been agreed well ahead of prior rents and the portfolio is successfully appealing to more higher value occupiers from a wide variety of sectors. The Warehouse REIT portfolio was 11.7% reversionary at half year and this good performance demonstrates great progress capturing that upside.”
