Warehouse REIT, the UK REIT that invests in and manages urban and ‘last-mile’ industrial warehouse assets in the UK, has suspended its fund raise amid the current market uncertainty caused by Covid-19.
The company announced on 17 February that it intended to raise up to £100m through a placing, with a general meeting arranged for 23 March 2020.
The group said all application monies received would be returned to investors and a revised timetable would be announced when appropriate.
“Whilst we have engaged extensively and positively with investors since announcing we were contemplating an equity raise, and whilst there has been no noticeable impact on our business to date, in light of the unprecedented macro-economic backdrop and the significant impact it has had on the global equity market, we have decided to adjourn the general meeting,” said Neil Kirton, chairman of Warehouse REIT.
“Notwithstanding the significant current market uncertainty as a result of Covid-19, the longer term outlook for the multi-let, ‘last mile’ UK warehouse sector where we are focused remains attractive. We continue to benefit from the diversity of our income generated from 629 tenants operating in a range of sectors across 98 assets nationwide, which supports the attractive, progressive and well covered dividend.”
WHR : Warehouse REIT calls off equity raise due to Covid-19