Warehouse REIT (“the Company”), the specialist urban and ‘last-mile’ industrial warehouse investor, has maintained its positive leasing momentum with the completion of four long-term lettings totalling 121,400 sq ft, increasing portfolio occupancy to 93.3% from 92.7% (as at 30 September 2022) and increasing the portfolio’s WAULT to 5.7 years from 5.4 years (as at 30 September 2022).

At Valley Point, Rugby, the Company has completed a 38,600 sq ft lease for 20 years with no break to PWR Europe, a leading developer and manufacturer of cooling solutions, supplying a range of sectors such as motorsport, renewable energy, and aerospace. The unit will serve as its new European headquarters. The lease will generate a contracted rent of £332,400 per annum, equating to circa £8.60 per sq ft, 11.0% above the 31 March 2022 ERV, and is subject to 5 yearly upward only rent reviews to the higher of open market rent or indexation.

The property is located on the Swift Valley Industrial Estate, a prime West Midlands industrial hub within the UK’s ‘Golden Triangle’, and benefits from access to the M6 (J1) and the M1 (J19) in under ten minutes.

Comments are closed.