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Warehouse REIT to buy industrial portfolio for £116M from Hansteen

Warehouse REIT plc will purchase a 51-asset urban warehouse portfolio from Hansteen Holdings Plc at a price tag of £116 million.

The duo signed unconditional contracts for the industrial portfolio transaction, which will see the real estate investment trust picking up 500 leasable units in the Midlands and southern England, with a total floor area of about 1.65 million square feet.

The assets' 382 tenants pay approximately £8.5 million in contracted rent roll, according to the REIT, which paid for the acquisition with the last of the £146.8 million of net proceeds from its September 2017 IPO.

Hansteen said it first bought the portfolio through its April 2017 offer to take over Industrial Multi Property Trust.

About 93% of the total floor area of the portfolio is taken up by light industrial property, while the rest is made up of work spaces and offices.

The transaction is expected to close at the end of March.