Henry Boot Completes Sale of Logistics Unit
3 August 2022
HENRY BOOT PLC
('Henry Boot' or 'the Group')
HENRY BOOT COMPLETES SALE OF YORKSHIRE LOGISTICS UNIT FOR £11.35 MILLION
Henry Boot has announced that its property investment and development business, HBD, has completed the sale of a 65,000 sq ft warehouse unit at the Group's flagship Wakefield Hub logistics development in Yorkshire for £11.35m, representing a 23% premium to last reported book value.
In 2018, HBD agreed to forward fund its Joint Venture at Wakefield Hub in the building of the unit following a 20-year pre let to Kitwave, who took occupation earlier this year. The unit has subsequently been acquired by ABRDN, with the sale price reflecting a net initial yield of 3.27%.
Wakefield Hub is a 200-acre industrial and logistics development being delivered by a Joint Venture between HBD and Yorkcourt. A nationally important logistics site, it is capable of accommodating more than 1.5 million sq ft of warehouse facilities, benefiting from a strong distribution location at Junction 30 of the M62, with direct links to the M1.
The Kitwave unit covers four acres of the scheme and was completed to a 'BREEAM Very Good' standard, with 80 car parking spaces and 24 lorry bays sitting alongside the purpose-built distribution facility.
Tim Roberts, CEO of Henry Boot PLC, commented: "The high quality of product being delivered by HBD at Wakefield Hub is evidenced through this disposal. The Kitwave warehouse presents a highly attractive investment proposition due to the asset's quality and specification, its covenant strength, and strategic location. Wakefield has cemented itself as a key destination for national logistics operators, while a shortage of Grade A space locally supports the resilience of demand at this flagship scheme as HBD continues to progress its delivery and maximise its potential."
Ph: 020 3727 1000
Email: [email protected]
Henry Boot PLC
Tim Roberts, Chief Executive Officer
Darren Littlewood, Group Finance Director
Daniel Boot, Group Communications Manager
Tel: 0114 255 5444
Numis Securities Limited
Joint Corporate Broker
Ben Stoop / Will Rance
Tel: 020 7260 1000
Peel Hunt LLP
Joint Corporate Broker
Charles Batten / Harry Nicholas
Tel: 020 7418 8900
About Henry Boot PLC
Henry Boot PLC (BOOT.L) was established over 135 years ago and is one of the UK's leading and long-standing property investment and development, land promotion and construction companies. Based in Sheffield, the Group is comprised of the following three segments:
Hallam Land Management Limited
The Group possesses a high-quality strategic land portfolio, a proven reputation in the property development market for creating places with purpose, backed by a substantial investment property portfolio and an expanding, jointly owned, housebuilding business. It has a construction specialism in both the public and private sectors, a plant hire business, and generates strong cash flows from its PFI contract, Road Link (A69) Limited.
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