First World Hybrid Real Estate Plc
(“FWHRE” or the “Company” or “the Fund”)
The Board of First World Hybrid Real Estate Plc is pleased to announce that the Company has completed the rent review for the Crown Packaging, Leicester property.
The review, which is backdated to 25 September 2022, has resulted in a rental uplift of more than 23% over the previous passing rental. This appreciable increase is based on a headline rent rate of £6,54 per square foot being achieved.
The Crown Packaging property is one of the Fund’s largest assets and comprises a 184 239 square foot distribution warehouse, strategically situated immediately adjacent the tenant’s manufacturing plant in Braunstone, Leicester. Crown is one of the largest manufacturers of food, beverage and aerosol cans in the world, and the property houses newly manufactured cans in advance of distribution to clients throughout the UK.
The current lease has a further four and a half years to run, expiring in September 2027.
This announcement was made on behalf of the Company by FIM Capital Limited.