Urban Logistics REIT PLC Trading update (7002P)
14 October 2019 - 5:00PM
UK Regulatory
TIDMSHED
RNS Number : 7002P
Urban Logistics REIT PLC
14 October 2019
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
Trading Update
Urban Logistics, (AIM: SHED) the specialist UK logistics REIT,
provides a trading update following the close of its interim
reporting period to 30 September 2019. The Company will report its
half year results on 14 November 2019.
Highlights
-- Portfolio valuation up 3.8% to GBP195.0 million on a
like-for-like basis since 31 March 2019
-- Unaudited EPRA NAV up 5.2% to 145.2p per share since 31 March
2019
-- WAULT of 6.1 years across the portfolio (31 March 2019: 5.5
years)
-- 100% occupancy across 38 logistics properties
-- LTV (net debt) of 34.1% (31 March 2019: 33.7%)
Acquisitions
-- Six logistics properties acquired from Connect Group plc for
GBP9.9 million at a net initial yield of 7.0%. The portfolio is let
to Tuffnells Parcels Express on 20-year leases with fixed rental
uplifts
-- Two logistics properties let to DHL Parcel UK in
Sittingbourne and Thatcham acquired for GBP5.3 million at a 5.9%
blended net initial yield
Disposals
-- Logistics properties in Nuneaton, Bedford and Dunstable were
sold for GBP18.4 million, representing a profit on cost of 61.2%
and a total property return of 75.9%(1) . These were on average
7.9% ahead of book value
1. Total property return is capital growth plus net rental
income plus sale profit expressed as percentage of purchase
price
Richard Moffitt, Chief Executive, commented:
"Urban Logistics remains real estate's top performing sub-sector
and we have again delivered a strong performance for our interim
period.
"The results are driven by our asset management activities -
notably, increasing rents across our core locations and selling
ahead of book values. We remain on track to meet our objectives for
the current financial year.
"Our well-located portfolio continues to offer reversionary
potential that we intend to capture as part of our ongoing asset
management programme."
- 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
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
Panmure Gordon (UK) Limited - Joint
Broker
Chloe Ponsonby (Corporate Broking)
Emma Earl (Corporate Finance) +44 (0)20 7886 2500
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 invests in UK-based 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 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.
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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