Urban Logistics REIT PLC Completion of acquisition (5996J)
06 December 2018 - 6:00PM
UK Regulatory
TIDMSHED
RNS Number : 5996J
Urban Logistics REIT PLC
06 December 2018
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
Completion of acquisition
Further to the announcement on 8 November 2018, Urban Logistics,
(AIM: SHED) the specialist UK industrial and logistics REIT, is
pleased to announce that on 5 December 2018 it completed the
acquisition of the freehold of a site located at Hudson Road,
Bedford for a total consideration of GBP17.0 million from 3M
Products Limited, (the "Acquisition").
The site comprises a building and adjacent development site
totaling 20.1 acres. The building represents 183,883 sq ft of
warehouse space, which was acquired with vacant possession.
As previously announced, as part of the Acquisition, the Company
has simultaneously sold a plot of development land of 12.1 acres
for GBP5.0 million to a local developer that has plans to build new
logistics facilities.
Marketing of the warehouse space has commenced and the Company
has experienced strong interest from potential tenants.
Commenting on the Acquisition, Richard Moffitt, Chief Executive,
said:
"I am extremely pleased with the acquisition of this
well-located, institutional-grade logistics property. We have
already experienced significant interest from potential tenants for
the warehouse and expect that the space will be leased shortly.
"This is another example of our approach to active asset
management, creating value whereby the proceeds from sales are
reinvested into new opportunities, ensuring the portfolio continues
working for shareholders.
"Looking ahead, we remain opportunistically acquisitive,
focusing on assets that serve the 'last mile' needs of a diverse
tenant base, especially those responding to the challenges of
e-commerce and supply chain constraints."
- Ends -
For further information contact:
Urban Logistics REIT plc
Richard Moffitt +44 (0)20 7591 1600
Montfort - Financial PR and IR adviser
Olly Scott +44 (0)78 1234 5205
Honoria Simpson +44 (0)20 3965 6960
N+1 Singer - Nominated Adviser and Broker
James Maxwell / James Moat (Corporate
Finance)
Alan Geeves / James Waterlow / Sam Greatrex
(Sales) +44 (0)20 7496 3000
About Urban Logistics REIT
Urban Logistics REIT plc is a property investment company,
quoted on the AIM market of the London Stock Exchange, (AIM:
SHED).
The Company has been established to invest in UK-based
industrial and logistics properties with the objective of
generating attractive dividends and capital returns for its
shareholders. Its investment strategy focuses on strategically
located smaller single let industrial and logistics properties
servicing high-quality tenants. Investment returns will be
generated by an experienced management team focusing on quality
stock selection and active asset management.
A number of structural and commercial factors currently support
the attractive opportunity in the last mile/regional industrial and
logistics real estate sub-sectors targeted by the Company,
including: strong occupier demand, (driven by the growth of
e-commerce and investment by retailers in their associated supply
chain) and a decline in the supply of smaller sized lettable space
in industrial and logistics real estate across the UK.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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