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Irwin Mitchell Advises On £150m REIT IPO Fundraising

Warehouse REIT Set To Use Proceeds To Acquire Tilstone Property Portfolio

20.09.2017

David Shirt, Press Officer | 0161 838 3094

A warehouse investment company that works with Amazon, Asda, Argos and others has raised £150m on its London Stock Exchange flotation in a deal on which Irwin Mitchell has advised Peel Hunt, the company’s broker and AIM nominated adviser.

The company, Warehouse REIT, will use the proceeds to acquire the 27-asset Tilstone Property Portfolio for £108 million. The diversified UK property portfolio, let to 129 tenants, is a mixture of freehold and long-hold assets.

Neil Kirton, Warehouse REIT’s chairman, said: “The company’s strategy has clearly appealed to a wide variety of investors as we have seen strong take up from pension fund managers, wealth managers, specialist real estate investors and retail investors, resulting in a broad shareholder register from the outset from which to grow the Warehouse REIT.

The majority of the proceeds from the issue will be deployed into the Tilstone Property Portfolio providing investors with immediate exposure to a strongly performing portfolio that has further asset management opportunities and inbuilt reversion.”

Simon Griffiths led Irwin Mitchell’s team advising Peel Hunt.

This summer Irwin Mitchell also advised Destiny Pharma on its £80 million AIM IPO that completed in the first week of September.