Henry Boot Completes Sale of Logistics Unit

RNS Number : 6796U

Boot(Henry) PLC

03 August 2022

 

 

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."

-ENDS-

Enquiries:

FTI Consulting

Ph: 020 3727 1000

Email: [e-mail]

Henry Boot PLC

Tim Roberts, Chief Executive Officer

Darren Littlewood, Group Finance Director

Daniel Boot, Group Communications Manager

Tel: [phone]

www.henryboot.co.uk

Numis Securities Limited

Joint Corporate Broker

Ben Stoop / Will Rance

Tel: [phone]

Peel Hunt LLP

Joint Corporate Broker

Charles Batten / Harry Nicholas

Tel: [phone]

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:

Land Promotion:
Hallam Land Management Limited

Property Investment and Development:
Henry Boot Developments Limited (HBD) , Stonebridge Homes Limited

Construction:
Henry Boot Construction Limited , Banner Plant Limited , Road Link (A69) 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.

www.henryboot.co.uk

 

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