Pacific Industrial & Log REIT PLC Acquisition (6724Y)
07 March 2017 - 6:00PM
UK Regulatory
TIDMPILR
RNS Number : 6724Y
Pacific Industrial & Log REIT PLC
07 March 2017
Pacific Industrial & Logistics REIT plc
("Pacific Industrial & Logistics", the "Company" or the
"Group")
Acquisition
Pacific Industrial & Logistics REIT plc (AIM:PILR), a real
estate investment trust focused on sub GBP10m lot size industrial
and logistics properties, is pleased to announce that on 6 March
2017 it completed the acquisition of a site on Bruntcliffe Way,
Morley, Leeds for a total consideration of GBP6.05m (the
"Acquisition"), representing a net initial yield of 8.3%. This
site, along with the Park Road, Chesterfield logistics acquisition
announced on 20 January 2017, have been mortgaged under terms
agreed with the Company's debt facility provider.
The acquisition is in line with the Company's investment policy
of recognising attractively priced stock with latent asset
management opportunities, and is well situated adjacent to J27 of
the M62, 5 miles from Leeds City Centre. It comprises a newly
refurbished 62,000 sq ft logistics warehouse which has recently
been let to Puma United Kingdom Limited and a car park facility
with a lease in place to NewDay Cards Limited.
Christopher Turner, Property Director, commented: "We are
delighted with both of our recent acquisitions, these are
well-located regional logistics sites that offer the Company asset
management opportunities. The site at Park Road, Chesterfield has
registered strong occupier interest to date and we remain focussed
on doing what is right for our investors and ensuring that the
investment returns remain attractive."
For further information regarding Pacific Industrial &
Logistics REIT plc please call:
Pacific Industrial & Logistics
REIT Plc +44 (0) 207 591
Richard Moffitt 1600
finnCap - Nominated Adviser
and Broker
Stuart Andrews/ Grant Bergman/
Giles Rolls -
Corporate finance
Christian Hobart - Corporate +44 (0)20 7220
broking 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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