Source - Alliance News

Warehouse REIT PLC - London-based industrial warehouse investor - Completes £29.9 million in disposals that had exchanged at the time of the release of its annual results in early June. The disposals include Dales Manor Business Park, Cambridge, which was sold for £27 million. The sales are on average 17% ahead of March 31 book value which demonstrates ‘ongoing liquidity for this asset class despite the higher interest rate environment’. Warehouse REIT says it will use the cash raised to pay down company debt and support earnings in current financial year. Net debt is around £275 million following the disposals.

Finance Director Peter Greenslade says: ‘The combination of recent sales and the company’s refinancing has significantly strengthened the balance sheet and earnings position. The improved covenants on the new facility are a testament to the strength of our banking relationships as well as the quality of the Warehouse REIT portfolio.’

Current stock price: 87.40 pence, up 1.3%

12-month change: down 40%

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