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QuotedData’s morning briefing 12 February 2024 – WHR, SRE, RTW

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In QuotedData’s morning briefing 12 February 2024:

  • Warehouse REIT (WHR) has sold two assets in separate transactions for a total of £13.4m. The combined price is 3.7% ahead of the September 2023 book value and reflects an average net initial yield of 5.3%. The sales comprise Warrington South Industrial Estate, a 106,000 sq ft single-let asset acquired in 2019, sold for £11.6m and Pellon Lane, a 20,000 sq ft multi-let asset in Halifax acquired in 2017, sold for £1.8m. These transactions bring total sales since 1 April 2023 to £53.0m, with proceeds being used to pay down debt.
  • Sirius Real Estate (SRE) has acquired two German business parks, one in Köln (Cologne) and the other in Göppingen, for a total acquisition cost of €40m (£34m). The acquisitions have been made using the proceeds of November’s £147m (€165m) capital raise. This follows three UK acquisitions in North London at the end of last year for £33.5m. The two business parks in Germany add just under 55,000 sqm of primarily light industrial and production space to the group’s 1.9 million sqm German portfolio. The business park in Köln, Germany’s fourth largest city, in Nord-Rhein Westphalia, comprises 19,114 sqm of principally light industrial space. The property has been notarised at a price of €20.0m and currently generates total rental income of €1.67m and an annualised net operating income of €1.56m, representing a gross yield at acquisition of 8.4% and an EPRA net initial yield of 7.3%. The site has an occupancy rate of just over 89%, with a weighted average unexpired lease term (WAULT) of 2.4 years. In Göppingen, a city in the state of Baden-Württemberg, south east of Stuggart in southern Germany, Sirius is acquiring a multi-tenanted business park with a total lettable area of 35,160 sqm across primarily light industrial and production space. The acquisition has been notarised at €19.8m and generates total rental income of €1.78m and an annualised net operating income of €1.47m, reflecting a gross yield of 9.0% and an EPRA net initial yield of 6.9%.  With occupancy at around 86% and a WAULT of 2.8 years.
  • Following the announcement in November 2023 that RTW Biotech Opportunities would be acquiring the assets of Arix Biotechnology, Arix has suspended trading as of today.

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