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Urban Logistics REIT PLC on Monday said it had made five new acquisitions as well as completing five forward funded developments.
The London-based property investment company specialising in urban logistics assets announced it has made five new acquisitions for a total consideration of £48 million, as a net initial yield of 6.0%.
The company said the acquisitions include two sites, in Droitwich and Southampton, both of which are over 100,000 square feet each.
Urban Logistics also said it had completed two lettings, generating rental income of £200,000, and restructured two leases, extending them to 2031 and 2032.
The company said it collected 99% of rent due in the third quarter.
Urabn Logistics announced the completion of five new units of its forward funded developments, increasing its portfolio by 239,235 square feet. Three of the units are under offer, with one being pre-let and the company currently marketing the final unit.
Chief Executive Officer Richard Moffitt said: ‘We have selectively deployed capital into assets which provide immediate income at a very attractive yield and provide the potential for value enhancing mid-term asset management opportunities.
‘In addition, we have completed five developments in this period on time and on budget providing a very attractive yield on cost and demonstrating an additional route through which we can deliver returns for shareholders.’
Urban Logistics shares were down 0.9% trading at 138.80 pence per share on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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