Urban Logistics REIT PLC GBP34 Million Acquisition (8038E)
10 November 2020 - 6:00PM
UK Regulatory
TIDMSHED
RNS Number : 8038E
Urban Logistics REIT PLC
10 November 2020
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
GBP34 Million Acquisition
Urban Logistics, (AIM: SHED) the specialist UK logistics REIT,
has acquired a logistics site in Hoddesdon, Hertfordshire, for
GBP34.3 million at a 5.4% NIY, as part of the deployment of the
capital raised from the Company's recent fundraising.
The 12-acre site comprises five units, three of which are let to
Müller UK & Ireland Group, a major producer and distributor of
dairy products, until 2030 with a rent review in 2025. The passing
rent is GBP8.75 per sq ft. The other units are currently vacant and
provide an opportunity for considerable value enhancement through
active asset management, with several potential occupiers already
expressing interest. The site is strategically located seven miles
from the M25 and benefits from excellent access as well as a
dedicated local power supply, making it a highly attractive "last
touch" distribution hub.
Richard Moffitt, Chief Executive, commented:
"This is another high quality off-market acquisition that formed
part of our existing pipeline. The site is well located in the
South East for delivering essential goods the "last mile" to
customers and businesses. Significantly, it offers excellent
opportunities for value enhancement through active asset
management.
Despite the Covid-19 restrictions currently in place, I'm
pleased to report that all of our tenants remain operational."
- Ends -
For further information contact:
Urban Logistics REIT plc
Richard Moffitt +44 (0)20 7591 1600
Buchanan +44 (0)20 7466 5000
Helen Tarbet +44 (0)7872 604453
Henry Wilson +44(0) 7788 528143
George Beale +44 (0) 7450 295099
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 has been established to invest 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 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.
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END
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