| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Urban Logistics makes £16m acquisition and posts rent update
StockMarketWire.com
|
Urban Logistics has acquired an off-market a logistics site in Bromborough, Wirral for £16.3 million at a 5.0% NIY, as part of the deployment of capital raised from the company's recent fundraising.
The site is let to Great Bear Distribution, part of the Culina Group, which operates a Nestle Cereal contract.
The lease, with a passing rent of £4.97 per square foot, runs to January 2022 after which a reversionary lease, with a cap and collar rent of £5.15 to £5.50 per square foot, has been agreed through to January 2032.
The specialist UK logistics REIT said it has received 99% of rent due for the quarter to March. The remaining 1% is expected to be collected imminently and all tenants remain fully operational.
Chief executive Richard Moffitt said: This is another high quality off-market acquisition that formed part of our pipeline. This site with its reversionary lease is well-located and offers an excellent opportunity for value enhancement over the long term through active asset management.
Despite the lockdown restrictions that are once again in place, I'm pleased to report that all of our tenants are operational. Our strong levels of rent collection are evidence of our proactive approach to strong covenants and our preference for tenants involved in the supply of essential products and consumer goods.
Story provided by StockMarketWire.com
|
|
|
|
|
|
