At a glance
Portfolio valuation£805.4m
Peak value (FY22)£1,012.0m
Contracted rent roll£42.5m p.a.
IPO raise (2017)£150m
Asset sales FY23–25£193.4m
Exit valuation£489m
Track record — 2013–2025
A complete cycle, executed
From a standing start in 2013 to an £805m portfolio and a £489m exit. The numbers below are drawn from Warehouse REIT’s publicly reported results to March 2025.
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Portfolio valuation
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Contracted rent roll
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Estates
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Blackstone exit
01—Headline figures
The portfolio at exit
Reported metrics for the year ended 31 March 2025, ahead of the £489m all-cash acquisition by Blackstone in September 2025.
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Multi-let weighting
02—Timeline
Twelve years, one discipline
Every acquisition, raise and milestone, underwritten against the occupier of the future.
2013
Warehouse focus begins
Tilstone assembles the Tilstone Property Portfolio — the seed for the 2017 Warehouse REIT IPO.
2017
Warehouse REIT IPO on AIM
Raises £150m; four assets acquired for £26m (September 2017).
2018
IMPT portfolio acquired
From Hansteen for £116m (March 2018).
2019
John Lewis & Echelon
336,000 sq ft John Lewis facility; eight-asset Echelon portfolio for £70m; £76m equity raise.
2020
Amazon fulfilment centre
501,000 sq ft acquired for £57m; £153m equity raise; £80m of further warehouses.
2022
Promoted to the Main Market
LSE Main Market admission; unanimous outline consent for a 1.8m sq ft scheme at Radway Green, Crewe.
2023
£320m refinancing
New facility agreed with a club of lenders (June 2023).
2024
Capital recycling in action
Ventura Retail Park, Tamworth acquired (£38.6m); Barlborough Links sold (£46m); Radway Green Phase 1 reserved matters consent.
2025
Acquired by Blackstone
£489m all-cash acquisition at 115p per share (September 2025), after a competitive process against Tritax Big Box. A complete cycle, executed.
03—Rental growth
Structural, not cyclical
Six consecutive years of like-for-like ERV growth — leasing consistently 24–37% ahead of prior rents.
Like-for-like ERV growth, FY20–FY25
FY24
103 lease events secured £10m of contracted rent at 28.6% above prior rents — new lettings 37.7% above.
FY25
105 lease events secured £14.1m of contracted rent at 24.4% above prior rents.
Selected HY25 renewals: +56% at Warrington (Gawsworth Court), +38% at Bradwell Abbey, +30% at Stadium Industrial, Luton.
04—Occupier base
Diversified, well-covenanted income
409 occupiers across 60 estates. The top 15 represent just 36% of rent — income spread wide across sectors and covenants.
Covenant strength
Turnover > £10m74%
Turnover > £1m89%
Top 15 occupiers36% of rent
Top 100 occupiers78% of rent
Sector mix
42% Wholesale & Trade · 24% Distribution · 13% Food & Manufacturing · 13% Services & Utilities · 3% Transport & Logistics · 3% TMT.
What’s next
We built it once. We’ll do it again.
Now we’re building what’s next — with new capital partners and the same forensic discipline.