Aerial view of a large modern UK multi-let warehouse and logistics estate
UK multi-let warehouse investment & asset management

The warehouse provider of choice.

Specialist investors and active managers of UK multi-let warehouses. We built and ran Warehouse REIT — an £805m portfolio — to its £489m acquisition by Blackstone. Now we’re building what’s next.

Who we are

For over a decade we have done one thing, and done it with conviction — acquire and actively manage the multi-let urban warehouses British businesses depend on.

A forensic approach to acquisition, and relentless hands-on asset management, is how we turn good buildings into growing income. From a standing start in 2013 to an £805m portfolio and a clean exit — a complete cycle, executed.

£805.4m
Portfolio valuation
£42.5m p.a.
Contracted rent
60
Estates
6.9m sq ft
Total space
409
Occupiers
93.7%
Occupancy

As at 31 March 2025 · Warehouse REIT reported results

What we invest in

Multi-let, urban, well-connected

We concentrate on the UK’s key industrial hubs — the North West, the Midlands and the Oxford–Cambridge Arc — where demand is deep and new supply is scarce.

Aerial view of a multi-let warehouse estate
Our approach

Forensic on the way in. Relentless once we own it.

We underwrite every acquisition against the occupier of the future, then treat each lease event as an opportunity to reset the rental tone — reversion, refurbishment and re-letting as one continuous programme.

How we work

Track record

A complete cycle, executed

From a standing start in 2013 to an £805m portfolio and a £489m exit — with rental growth that is structural, not cyclical.

£489m
Blackstone acquisition, 2025
£193.4m
Recycled at or above book value
+24–37%
Leasing ahead of prior rents
93.7%
Occupancy at exit

Explore the track record

Solar panels on a warehouse roof above open countryside
ESG

Responsible by design

We future-proof every asset — EPC B on refurbishment, BREEAM Very Good on new build, and a clear pathway to net zero — with sustainability capex timed to lease events, not bolted on.

Our ESG approach

Occupiers

Home to 409 occupiers

Diversified, well-covenanted income — the top 15 occupiers represent just 36% of contracted rent.

Amazon
John Lewis
Wincanton
DHL
DFS
Argos
Direct Wines
Alliance Healthcare
Howdens
Travis Perkins

Let’s talk about a mandate.

Institutional investors, capital partners, landowners and senior occupiers — we’d like to hear from you.

Partner with Tilstone