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Urban Logistics announces £30m portfolio sale of five assets
StockMarketWire.com
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Real estate investment trust Urban Logistics has announced the sale of five assets as part of a portfolio for £30 million to a joint venture between The Carlyle Group and ARA Dunedin.
The company said it has exchanged contracts for the sale of the assets in Bedford, Northampton (two warehouses), Leicester and Chesterfield at a 4.8% exit yield, realising a total property return of 78.8%.
The sale is expected to complete on 21 April 2021.
Urban Logistics said it represents a 35.4% uplift on 30 September 2020 book values and confirmed that the proceeds will be reinvested into other pipeline opportunities.
Chief executive Richard Moffitt said the sale had 'realised a strong return for shareholders'.
He added: 'Since we started out on our journey in 2016, we have achieved considerable success creating, then realising value across our portfolio once available asset management initiatives have been completed. This deal is the latest example of our proven track record of value creation.'
At 9:04am: (LON:SHED) Urban Logistics Reit PLC share price was 0p at 142.5p
Story provided by StockMarketWire.com
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