Warehouse REIT announced that it has acquired Phase 2 of Ventura Retail Park ("Ventura"), a 13-unit scheme in Tamworth, close to Birmingham, for £38.6 million, representing a net initial yield of 7.4%. Built in two phases, Ventura is one of the top 20 shopping parks in the UK by sq ft. Phase 2 covers 120,000 sq ft and is fully let to a high quality occupier line up including Boots, Sports Direct and H&M. Contracted rent across the scheme is £3.1 million and the WAULT is 6.4 years.

Ventura is part of a larger retail warehouse cluster covering over 700,000 sq ft of prime space, with occupiers including Next, Primark and M&S and ranks in the top three centres for comparison goods spend in the UK. It is adjacent to the A5 and 30 minutes' drive time from Birmingham in the West Midlands, which is one of highest conviction regions. This acquisition is consistent with Warehouse REIT's focus on multi-let assets.

In addition, Warehouse REIT and its management team have a strong track record of investing in, and managing retail warehouses, which coupled with its experience in multi-let industrial warehousing, make this a highly complementary addition to the portfolio.