Post-IPO Acquisitions

Valuation 31st March 2018:

£172,925,000

Valuation at IPO:

£170,100,000

Purchase Contract Rent:

£13,000,000

Purchase Yield:

7.4%

Occupancy:

93.6%

Key tenants:

Howdens, Travis Perkins, Screwfix, LFI

What is it?

Since IPO, we have acquired a further 65 estates totalling 2.7 million sq ft of predominantly warehouse and distribution space. These 700 units had an average size of 4,000 sq ft, rent of £5.22 per sq ft, and occupancy of 93.6%. The WAULT as at 31 March 2018 is 3.7 years to expiry and 2.5 years to break, presenting asset management opportunities. The assets are predominantly in the Midlands (39%), South (36%) and North (24%), with 1% in Wales and none in Scotland or Northern Ireland, giving us a well‑balanced total portfolio by location. The reversionary yield on the assets is 7.7%.

What have we done since IPO?

At IPO, we set a target of being fully invested within 12 months. We achieved that target six months early, by sourcing both attractive single assets and portfolios, while ensuring we rigorously complied with our investment criteria.

What is the future?

Our aim is to increase both income and value. Targeted capital expenditure will increase the rental tone, helping us to continue to reduce void levels and extend the WAULT.