Warehouse REIT PLC Update on disposals and refinancing (3119H)
27 Luglio 2023 - 8:00AM
UK Regulatory
TIDMWHR
RNS Number : 3119H
Warehouse REIT PLC
27 July 2023
27 July 2023
Warehouse REIT plc
(the "Company" or "Warehouse REIT", together with its
subsidiaries, the "Group")
Update on disposals and refinancing
Further to its Full Year 2023 results on 6 June 2023, Warehouse
REIT announces an update on recent asset sales as well as the terms
of its new debt refinancing.
The GBP29.9 million of disposals which had exchanged at the time
of the results have all completed. This includes Dales Manor
Business Park in Cambridge sold for GBP27 million reflecting a NIY
of c.4.5%. Sales were on average 17% ahead of 31 March 2023 book
value demonstrating the ongoing liquidity for this asset class
despite the higher interest rate environment. Proceeds will be used
to pay down the Company's debt, supporting earnings in the current
financial year.
Following the signing of its debt refinancing on 2 June 2023,
the Company has now completed its conditions precedent and drawn
down on these new funds. The new GBP320 million facility replaces
the Company's previous GBP320 million debt facility and extends the
tenure from January 2025 to June 2028. It comprises a GBP220
million term loan and a GBP100 million revolving credit facility
("RCF") with a club of four lenders, HSBC, Bank of Ireland, NatWest
and Santander. The minimum interest cover is 1.5 times compared to
2.0 times under the previous facility and the maximum LTV has been
extended to 60% from 55%. Both the term loan and the RCF attract a
margin of 2.2% plus SONIA for an LTV below 40% or 2.5% if above.
The Company has GBP230m of interest rate caps in place of which
GBP200m fixes SONIA at 1.5% and the remaining GBP30m fixes SONIA at
1.75%.
Following receipt of the sales proceeds, the Groups' net debt is
now c. GBP275 million.
Peter Greenslade, Finance Director, Tilstone Partners commented:
"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."
Enquiries
Warehouse REIT plc via FTI Consulting
Tilstone Partners Limited
Simon Hope, Peter Greenslade, Jo Waddingham +44 (0) 1244 470 090
G10 Capital Limited (part of the IQEQ
Group), AIFM
Maria Baldwin +44 (0) 20 7397 5450
FTI Consulting (Financial PR & IR Adviser
to the Company)
Dido Laurimore, Richard Gotla, Ellie Perham-Marchant +44 (0) 20 3727 1000
Further information on Warehouse REIT is available on its
website: http://www.warehousereit.co.uk
Notes
Warehouse REIT is a FTSE 250 UK Real Estate Investment Trust
that invests in UK warehouses, focused on multi-let assets in
industrial hubs across the UK.
We provide a range of warehouse accommodation in key locations
which meets the needs of a broad range of occupiers. Our focus on
multi-let assets means we provide occupiers with greater
flexibility so we can continue to match their requirements as their
businesses evolve, encouraging them to stay with us for longer.
We invest in our business by selectively acquiring assets with
potential and by developing opportunities we have created. Through
pro-active asset management we unlock the value inherent in our
portfolio, helping to capture rising rents and driving an increase
in capital values to deliver strong returns for our investors over
the long term.
Sustainability is embedded throughout our business, helping us
meet the expectations of our stakeholders today and futureproofing
our business for tomorrow.
The Company is an alternative investment fund ("AIF") for the
purposes of the AIFM Directive and as such is required to have an
investment manager who is duly authorised to undertake the role of
an alternative investment fund manager ("AIFM"). The AIFM and the
Investment Manager is currently G10 Capital Limited (Part of the
IQEQ Group).
Forward-looking Statements
Certain information contained in these half-year results may
constitute forward looking information. This information relates to
future events or occurrences or the Company's future performance.
All information other than information of historical fact is
forward looking information. The use of any of the words
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "project", "should", "believe", "predict" and "potential"
and similar expressions are intended to identify forward looking
information. This information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. No assurance can be given that this
information will prove to be correct and such forward looking
information included in this announcement should not be relied
upon. Forward-looking information speaks only as of the date of
this announcement.
The forward-looking information included in this announcement is
expressly qualified by this cautionary statement and is made as of
the date of this announcement. The Company and its Group do not
undertake any obligation to publicly update or revise any
forward-looking information except as required by applicable
securities laws.
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