- Specialist warehouse investor Warehouse REIT has completed the acquisition of two single-let warehouse assets in two separate transactions for a total consideration of £82m as it seeks to increase its e-commerce exposure.

The purchase of the assets reflected a blended net initial yield of 5.4% and provide a combined WAULT of nine years, according to the company.

Warehouse REIT said that the assets are located in the East Midlands and Cheshire, occupied by Amazon and Wincanton respectively.

The East Midlands property was acquired for a cash consideration of £57m from Tritax Big Box REIT and when combined with the other Amazon-occupied properties in Warehouse REIT's portfolio, at just over £4m rent per annum as a result of this acquisition, it said that the e-commerce company is now the largest tenant on its rent roll.

Managing director of the investment advisor, Tilstone Partners, Andrew Bird said: 'The properties make a significant contribution to enhancing the overall portfolio quality and with the continued acceleration of the global ecommerce market, we are pleased that Amazon becomes the REIT's largest tenant.

'The Cheshire asset provides both short and longer-term value-enhancing asset management opportunities and increases our footprint in what has proved itself to be a prime North West logistics location.'

Bird added that it will continue to work through the pipeline of identified opportunities for the REIT to deploy the remaining proceeds from the recent equity raise ahead of schedule.

At 8:19am: [LON:WHR] Warehouse Reit PLC share price was -0.25p at 114.25p

Story provided by