StockMarketWire.com - Warehouse REIT plans to raise £45.9 million through a share issue to purchase more industrial units.

The group issuing is shares at 121p compared to the closing price of shares last night of 126p.

Ware REIT said it has acquired two adjacent distribution warehouses in Harlow, Essex, for £13.9 million including costs.

The group, which specialises in industrial warehouses, said the property comprises two modern units totalling 177,000 square feet. The purchase price reflects a net initial yield of 8.6%.

Andrew Bird, managing director of the investment adviser Tilstone Partners, said: ‘Harlow is a highly sought after and fast growing South East industrial location offering access to a significant portion of the UK population in a relatively short drive time.

‘These acquisitions fit with the company's strategy of acquiring a mix of strong day one income, near term lease events allowing us to capture the reversion as well as longer term asset management opportunities.’ Story provided by StockMarketWire.com