REG - Warehouse REIT PLC - Planning secured for 1mn sqft final phase at Crewe

Warehouse ReitAnnouncement

29/07/2022 07:01

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RNS Number : 1602U  Warehouse REIT PLC  29 July 2022

 

29 July 2022

 

Warehouse REIT secures 1 million sq ft planning consent at Radway Green, Crewe

 

-Development will be final phase of highly sustainable 1.8 million sq ft North
West logistics hub, delivered in partnership with Panattoni-

 

Warehouse REIT, a specialist urban and 'last-mile' industrial warehouse
investor, has secured a resolution to grant outline planning permission from
Cheshire East Council for a further 1,020,000 sq ft of warehousing at its
flagship logistics park development at Radway Green. The final phase of the
scheme will see the Company develop five units ranging from 90,000 sq ft to
400,000 sq ft, whilst the result of the hybrid application also saw detailed
permission for highway access to the site secured.

 

Since 2017, Warehouse REIT has assembled a 102-acre site in what is a premier
logistics location in the North West, located less than 1.5 miles from J16 of
the M6 motorway. In 2021, the Company announced that it had secured planning
consent for a combined 803,000 sq ft of modern warehouse space across six new
high-bay units, ranging from 22,000 sq ft to        340,000 sq ft.

 

Earlier this year Warehouse REIT entered into a development agreement with
Panattoni, the largest logistics real estate developer in Europe, who will be
responsible for delivering the 1.8 million sq ft scheme with Warehouse REIT
funding and retaining the completed scheme.

 

The logistics market dynamics in the North West remain highly compelling, with
vacancy rates at record lows (3%) and H1 take up 103% above the long-term H1
average. Savills recently highlighted a dearth of high-quality stock,
suggesting that actual rental growth in the region will far exceed the
forecast 19.4% over the next five years.

 

Andrew Bird, CEO of Tilstone Partners, the Investment Adviser to Warehouse
REIT, commented: "This is a signficant milestone as we accelerate the delivery
of what will be one of the premier logistics hubs in the North of England.
Benefitting from excellent arterial connectivity, Radway Green will provide
state-of-the-art, sustainable warehouse space that is suitable for a diverse
range of tenants seeking space in a stock starved market.  We look forward to
bringing forward the scheme in partnership with a globally renowned partner in
Panattoni. Whilst the primary focus is the current investment portfolio, we
have a high conviction in the attractive risk adjusted returns that select
development can generate in the current climate."

 

-End-

 

Enquiries:

Warehouse REIT plc

via FTI Consulting

 

Tilstone Partners Limited

Andrew Bird, Paul Makin, Peter Greenslade

+44 (0) 1244 470 090

 

G10 Capital Limited (part of the IQEQ Group, AIFM

Maria Glew

+44 (0) 207 397 5450

 

FTI Consulting (Financial PR & IR Adviser to the Company)

Dido Laurimore, Richard Gotla, Ellie Perham-Marchant

+44 (0) 7904 122207 / WarehouseReit@fticonsulting.com

 

Further information on Warehouse REIT is available on its website:

http://www.warehousereit.co.uk (http://www.warehousereit.co.uk/)

 

About Warehouse REIT

 

Warehouse REIT plc invests in and manages urban and 'last-mile' industrial
warehouse assets.

 

Our purpose is to own and manage warehouses in economically vibrant urban
areas across the UK, providing the space our occupiers need for their
businesses to thrive.

 

As we grow, our vision is to become the UK's warehouse provider of choice.

 

The Company is listed on the Main Market of the London Stock Exchange and 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. The
Investment Manager is currently G10 Capital Limited.

 

 

 

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