Urban Logistics REIT PLC GBP28 Million of Logistics Acquisitions (6505P)
February 19 2021 - 2:00AM
UK Regulatory
TIDMSHED
RNS Number : 6505P
Urban Logistics REIT PLC
19 February 2021
19 February 2021
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
GBP28 Million of Logistics Acquisitions
Urban Logistics, (AIM: SHED) the specialist UK logistics REIT,
announces the acquisition of six logistics assets for a total
consideration of GBP27.8 million at a 6.87% NIY.
Richard Moffitt, Chief Executive, commented:
"We are delighted with these new logistics assets which are
perfectly positioned to deliver essential goods the "last mile" to
customers and businesses in key conurbations.
"In line with our strategic focus, all of these assets are
single-let properties servicing high quality logistics
tenants."
The Acquisitions
Kinaxia Portfolio
On 17 February 2021, the Company acquired a portfolio of four
logistics assets from Kinaxia Logistics for GBP17.3 million at a
6.24% NIY. This sale and leaseback transaction includes sites in
Macclesfield, Telford, Royal Wootton Bassett and Yate. Totalling
167,350 sq ft of warehousing, the average rent is GBP5.24 per sq
ft. The tenant provides haulage and logistics services to clients
across the UK. The new leases are for 15-year terms with a tenant
break option after 10 years. There are five yearly rent reviews to
the higher of RPI (2 - 4% cap and collar) and open market
value.
Leigh
On 12 February 2021, the Company acquired a 80,209 sq ft
distribution unit for GBP6.7 million at a 6.25% NIY. This is a sale
and leaseback transaction with XPO and the site is let for a term
of five years. The rent is GBP5.50 per sq ft. The site is close to
the A580 / M6 in a location well known to the Manager.
Rotherham
On 10 February 20221, the Company acquired a well-specified
124,966 sq ft distribution unit for GBP3.8 million from Goodman at
a 10.8% NIY. The site is let to Green Forest Solutions for a term
of 5 years through to 2025. The rent is GBP3.50 per sq ft. The site
is located close to the M18, M1 and A1(M).
- 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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