Aerial view of a UK warehouse estate
Case studies — from the investor reports

Active asset management, proven

Seven worked examples from Warehouse REIT’s FY22–FY25 results — how a forensic approach and hands-on management turned good buildings into growing income. Every claim is backed by a number.

01—Value creation

Creating value at the estate

Growing with occupiers, transforming estates and capturing reversion — the day-to-day craft of multi-let asset management.

Growing with an occupier Case 01 · Delta Court, Doncaster

Delta Court, Doncaster — DN9 3GN · 3 miles from the M18

“Tembé DIY tripled its footprint at a single estate as the business grew — the multi-let lifecycle model in action.”

7
Units
£11.85
Capex psf
+21.7%
Ahead of ERV
3.5×
Tembé footprint

Tembé DIY upsized three times — 5,900 → 10,100 → 20,700 sq ft — while two units were refurbished at just £11.85 psf with redecoration, LED lighting and EV chargers. New lettings of £227,900 lifted rents from £5.71 to £6.92 psf, 21.7% ahead of ERV. When Tembé vacated its original unit it re-let immediately to Edmonson Electrical, maintaining full income continuity.

Source — FY24 Full Year Results, June 2024
Estate transformation Case 02 · Bradwell Abbey, Milton Keynes

Bradwell Abbey, Milton Keynes

“71% of units now EPC A–C rated, versus just 38% at acquisition — delivered through systematic, lease-event-driven refurbishment.”

335k sq ft
Area
69
Units
71%
EPC A–C now
38%
EPC A–C at buy

On acquisition just 38% of units were EPC A–C rated, with average rents of £7.89 psf. A targeted programme — 31 units externally redecorated, 17 with active leasing — progressively upgraded the estate across every size band. Refurbishments target a minimum EPC B, with LED fitted and gas removed, all timed to lease events to minimise cost and disruption. A new cafe and delicatessen were added following an occupier survey, improving retention.

Source — HY24 Results, November 2023 & FY24 Annual Report
Capturing reversion Case 03 · Gateway Park, Birmingham

Gateway Park, Birmingham — Birmingham Airport · M5, M6 & M42

“Terms agreed with an airport-logistics occupier at 50% above prior rents — creating new evidence to drive the estate’s rental tone.”

220k sq ft
Area
£7.91
Passing psf
£11.67
ERV psf
+50%
New deal vs prior

Adjacent to Birmingham Airport and the NEC, Gateway Park exemplifies the reversionary opportunity across the portfolio — passing rents of £7.91 against an ERV of £11.67 psf, a premium of nearly 50%. The team secured an early surrender of 22,000 sq ft, recovered dilapidations that substantially funded a £9 psf capex programme, and placed contractors on site immediately. New terms followed at 50% above prior rents, with two further occupiers seeking to double their footprint.

Source — HY25 Results, November 2024
A UK multi-let industrial estate at dusk
02—Strategy & capital

Creating and recycling value

Development from scratch, disciplined diversification, capital recycling and a structural record of rental growth.

Development creation Case 04 · Radway Green, Crewe

Radway Green, Crewe — CW2 5PR · 1.5 miles from M6 J16

“Unanimous outline consent secured in 2022 for a 1.8m sq ft logistics scheme — one of the North West’s most significant consented opportunities.”

1.8m sq ft
Scheme size
2
Phases
2022
Outline consent
2026
Power online

Tilstone’s largest development initiative took an under-utilised site to a fully consented logistics scheme of 1.8m sq ft across two phases, with Phase 1 reserved matters approved and grid capacity secured for 2026. Securing unanimous outline consent in July 2022 required extensive community engagement and environmental approvals; Phase 1 reserved matters followed in September 2024. All units target BREEAM Very Good and EPC A, and additional grid capacity secured for 2026 materially enhances deliverability. A phased sale — rather than developing on balance sheet — maximised value for shareholders.

Source — FY24 & HY25 Results, 2023–2024
Diversification Case 05 · Ventura Retail Park, Tamworth

Ventura Retail Park, Tamworth — A5, near Birmingham

“A top-20 UK shopping park, acquired at 7.4% NIY — above the cost of debt, and immediately earnings accretive.”

£38.6m
Purchase price
7.4%
NIY at buy
£3.1m
Rent p.a.
6.4yrs
WAULT

A data-led expansion into retail warehousing: vacancy had fallen, market rents had rebased and were growing (+16.5% from 2020 to 2023), and yields were materially higher than multi-let industrial — implying mispricing. At 7.4% NIY the deal sat above the cost of debt and was immediately earnings accretive. Tilstone’s existing occupier relationships gave a competitive edge, with joint-venture discussions underway at the time of the Blackstone offer.

Source — FY24 Full Year Results, June 2024
Capital recycling Case 06 · Disciplined portfolio rotation

Capital recycling programme

“£193 million of asset sales since November 2022, consistently at or above book value.”

£193.4m
Total sales
+15.6%
FY24 vs book
80.3%
Multi-let now
32.4%
LTV (from 33.9%)

From November 2022 the firm systematically disposed of single-let assets and those where the business plan was complete or yields sat below the cost of debt — £53.0m in FY24 (15.6% ahead of book) and £85.7m in FY25. Notable sales included Barlborough Links (£46m), Dales Manor, Cambridge (£27m) and Warrington South (£11.6m). Proceeds lifted the multi-let weighting from c.70% to 80.3% and cut LTV to 32.4%, with debt fully hedged.

Source — FY24 & FY25 Results, 2024–2025
Rental growth Case 07 · A sustained track record

Portfolio rental growth, FY20–FY25

“Leasing consistently 24–37% ahead of prior rents, year after year — a track record that is structural, not cyclical.”

+28.6%
FY24 vs prior
+24.4%
FY25 vs prior
+37.7%
New lettings FY24
208
Lease events, 2yrs

In FY24, 103 lease events secured £10m of contracted rent at 28.6% above prior rents; in FY25, 105 events secured £14.1m at 24.4% above. Selected HY25 renewals reached +56% at Warrington, +38% at Bradwell Abbey and +30% at Stadium Industrial, Luton. The outperformance reflects three structural advantages: the multi-let format’s many lease events; open-market rent reviews (under 10% index-linked); and dedicated in-house asset management that resets the rental tone at every event.

Source — FY24 & FY25 Full Year Results
The same playbook, next

Put this discipline to work

If you’re backing UK multi-let industrial — or have an estate that needs it — let’s talk.

Partner with Tilstone See the portfolio