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 £17.0 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 £5.0 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."
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For further information contact:
Urban Logistics REIT plc
+44 (0)20 7591 1600
Montfort - Financial PR and IR adviser
+44 (0)78 1234 5205
+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.