£34 Million Acquisition
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
£34 Million Acquisition
Urban Logistics, (AIM: SHED) the specialist UK logistics REIT, has acquired a logistics site in Hoddesdon, Hertfordshire, for £34.3 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 £8.75 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:
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Urban Logistics REIT plc Richard Moffitt
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+44 (0)20 7591 1600 |
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Buchanan Helen Tarbet Henry Wilson George Beale
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+44 (0)20 7466 5000 +44 (0)7872 604453 +44(0) 7788 528143 +44 (0) 7450 295099 |
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N+1 Singer - Nominated Adviser and Broker James Maxwell / James Moat (Corporate Finance) Alan Geeves / James Waterlow / Sam Greatrex (Sales)
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+44 (0)20 7496 3000 |
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Panmure Gordon (UK) Limited - Joint Broker Chloe Ponsonby (Corporate Broking) Emma Earl (Corporate Finance)
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+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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