Warehouse Reit

What Warehouse Reit does

Warehouse REIT plc was a London-listed UK Real Estate Investment Trust (LSE: WHR) and the only UK REIT focused exclusively on multi-let urban warehouses. Founded in 2017 and headquartered in London, the company invested in industrial estates close to major arterial routes and economic centres, offering occupiers a range of unit sizes with the flexibility to scale as their businesses grew. As at 31 March 2024, the portfolio comprised 60 estates totalling 6.9 million square feet, valued at £805.4 million, with 409 occupiers, 93.7% occupancy, and a contracted rent roll of £42.5 million.

The company's core product is its multi-let warehouse space portfolio, supported by active asset management, targeted refurbishment programmes, and a dedicated investment-advisor relationship with Tilstone Partners Limited. The GTM model was investor-led via the London Stock Exchange, with Peel Hunt and Jefferies acting as joint brokers; the marketing and investor relations function was supported by FTI Consulting. The company maintained a 10% target total accounting return per annum through dividends and NAV growth and held EPRA gold award status, FTSE 250 inclusion, and a net-zero pathway targeting a 4.2% annual reduction in like-for-like scope 1 and 2 emissions.

Revenue is generated almost entirely from rental income on the warehouse portfolio, with a REIT-mandated distribution of at least 90% of taxable income as dividends to shareholders. In 2025 the company became the subject of a contested takeover: Tritax Big Box REIT bid £485 million in June 2025, and Blackstone Inc. ultimately completed a £489 million acquisition in September 2025 via Wapping Bidco, delisting Warehouse REIT from the London Stock Exchange and taking the business private. Post-acquisition, Blackstone executed a £443 million CMBS debt deal linked to the UK warehouses.

Name

Warehouse Reit

Legal name

Warehouse REIT plc

Website

https://warehousereit.co.uk

Company type

Public

Founded year

2017

Operating status

Acquired

Headcount range

11–50 employees

Short description

Warehouse REIT plc was a UK Real Estate Investment Trust and the only listed vehicle focused exclusively on multi-let urban warehouses, serving 409 occupiers across 60 UK estates (6.9m sq ft, £805.4m portfolio) before being acquired by Blackstone in September 2025.

Ownership category

akta.pro rank

Product category

Industrial Real Estate REIT

NAICS

Warehousing and Storage (493)

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Industrial & Logistics Real Estate Asset Management (BPAJAMAC)

Keywords

• Multi-let warehouses
• Industrial real estate
• REIT investment
• Logistics property
• Warehouse leasing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices18 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Others

Revenue model

1. Rental income from warehouse properties: Warehouse REIT generates revenue through rental income from its portfolio of multi-let warehouse properties across the UK. As a REIT structure, the company is required to distribute at least 90% of taxable income as dividends to shareholders. The portfolio generates contracted rent roll of £42.5m with 93.7% occupancy rate across 409 occupiers.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Warehouse Reit is a UK-focused Real Estate Investment Trust that owns and operates a portfolio of multi-let warehouse and industrial estates. The company acquires, actively manages, and leases warehouse space to UK businesses, generating rental income. It was listed on the London Stock Exchange under ticker WHR until being acquired by Blackstone in September 2025.

Product overview

Warehouse REIT is the only UK REIT focused on multi-let warehouses, operating as a single unified investment vehicle rather than a platform-plus-modules architecture. The company's core product is its multi-let warehouse space portfolio, which consists of 60 estates totalling 6.9 million square feet with 409 occupiers and 93.7% occupancy as of March 2024. The portfolio is valued at £805.4 million with a contracted rent roll of £42.5 million. Investment Management Services and Active Asset Management capabilities support the core property portfolio, which was acquired by Blackstone in September 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Multi-let warehouse and industrial space Flexible, multi-let warehouse and industrial units across UK estates, leased to businesses for logistics, storage, distribution, and light manufacturing operations. Targets SMEs and mid-market occupiers seeking smaller, adaptable unit sizes.

Quantifiable outcome

• 93.7% occupancy rate across portfolio
• +2 more outcomes

Named customers14 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Tilstone Partners LimitedcoreStrategic or Co-development PartnerInvestment Advisor to Warehouse REIT with offices in Chester and London. Provides investment management and asset management services aligned to investors' interests.
• PanattoniminorStrategic or Co-development PartnerDevelopment partner for major logistics park in the North West - Warehouse REIT and Panattoni agreed to deliver major logistics park.
• G10 Capital Limited (IQ-EQ)coreImplementation/ SI/ Consulting PartnerInvestment Manager to Warehouse REIT, part of IQ-EQ group. Manages investment activities from 4th Floor, 3 More London Riverside.
• CBRE LimitedcoreStrategic or Co-development PartnerIndependent valuer of Warehouse REIT's property portfolio.

Scale indicators9 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Schroder Real Estate Investment Trust: Diversified UK-listed REIT with a portfolio spanning industrial, office, retail and alternative assets. Comparable as a UK REIT capital-pool but with broader sector exposure rather than specialist warehouse focus.
• Custodian Property Income REIT: UK-listed diversified REIT with material exposure to industrial and logistics assets alongside alternatives. Comparable income-oriented UK REIT structure with similar multi-let tenant profile, though not specialist.
• Picton Property Income Limited: Diversified UK commercial property REIT investing across industrial, office, retail and leisure. Provides a peer benchmark for UK multi-let asset management and dividend distributions though without warehouse specialism.
• Target Healthcare REIT: UK REIT specialising in modern, purpose-built healthcare property. Relevant comparable for UK REIT regulatory/distribution mechanics and management structure rather than asset class.
• Balanced Commercial Property Trust: UK diversified closed-ended commercial property fund. Comparable as a UK pooled vehicle for income-producing real estate, though with materially different sector mix.

Direct peers

• SEGRO plc: FTSE 100 UK/European industrial REIT and the dominant institutional-grade logistics landlord. Comparable business model (long-income warehouse assets), with broader European scale and exposure to the same UK multi-let / big-box occupier universe.
• LondonMetric Property plc: UK REIT with significant logistics and industrial exposure alongside convenience retail. Direct competitor for UK multi-let and distribution warehouse assets and for institutional capital targeting UK industrial real estate.
• Tritax Big Box REIT: UK-listed REIT focused on 'big-box' logistics warehouses; direct competitor in UK industrial real estate and the initial bidder for Warehouse REIT at £485m, providing the most direct peer benchmark for asset strategy, occupier base and valuation.

Regional players

• Helical plc: UK-focused real estate investment and development company. Operates within the same London-centric commercial property ecosystem but is predominantly office-led; useful as a UK CRE peer for cycle and rate sensitivity rather than direct warehouse competition.
• Regional REIT Limited: UK regional office-focused REIT. Comparable as a smaller UK listed property vehicle with similar income distribution mechanics; provides peer insight on secondary UK property valuations and capital-raising dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/warehouse-reit-plc
• Xx.com/warehousereit

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Warehouse Reit