Urban Logistics REIT plc
("Urban Logistics" or the "Company")
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.
§ Portfolio valuation up 3.8% to £195.0 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%)
§ Six logistics properties acquired from Connect Group plc for £9.9 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 £5.3 million at a 5.9% blended net initial yield
§ Logistics properties in Nuneaton, Bedford and Dunstable were sold for £18.4 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."
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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
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.