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Warehouse Reit cheers higher profits as demand for space remains high

Warehouse Reit owns a number of industrial properties (warehouse reit)
Warehouse Reit owns a number of industrial properties (warehouse reit)

Landlord Warehouse Reit has reported higher profits and sales for the first half, as demand for space climbs.

The company, which owns more than 100 warehouses in England and Scotland, said the occupational market remains highly favourable as it posted figures for the six months to September 30.

A number of landlords have seen heightened demand for space as retailers react to the supply chain crisis and try and order more goods earlier than they normally would.

That adds to existing strong demand reported during the pandemic as many tenants saw online order numbers jump.

Warehouse Reit’s managing director Andrew Bird said: “Operators are thinking beyond Christmas. Stock was ordered months ago for December so if it hasn't already arrived much of it will not be available in time and hence the warnings to "buy early". Operators are taking space for longer lease lengths in response to a recognition of an acute shortage.”

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Revenue at the firm increased to £23.4 million from £15.7 million. Operating profit before gains on investment properties rose to £16.7 million from £10.8 million.

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