Urban Logistics REIT PLC Acquisition (6043Q)
March 01 2021 - 1:00AM
UK Regulatory
TIDMSHED
RNS Number : 6043Q
Urban Logistics REIT PLC
01 March 2021
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
Acquisition
Urban Logistics, (AIM: SHED) the specialist UK logistics REIT,
announces the acquisition of a logistics asset for GBP5.4
million.
Richard Moffitt, Chief Executive, commented:
"In line with our strategic focus on logistics assets which
deliver essential goods the "last mile" to customers and businesses
, all of our recent acquisitions are single-let properties
servicing high quality logistics tenants. Today's acquisition is
another well located distribution warehouse near the M5, offering
opportunities for asset management activities."
The Acquisition
Droitwich
On 26 February 2021, the Company acquired a well-specified
57,494 sq ft distribution asset for GBP5.4 million at a 4.95% NIY.
The site is let to Spire Healthcare with a reversionary lease
already agreed for a term of 5 years from 7 April 2021. The rent
will be GBP5.46 sq ft and increases the property yield to 5.51%.
The site is well located near the M5 and remains a critical part of
the tenant's business plan.
M1 Agency Fees
The Company has incurred, on an arm's length basis, a commercial
agency fee for the Droitwich acquisition from M1 Agency LLP of
GBP53,500. M1 Agency LLP is a partnership in which Richard Moffitt
is a designated member. In accordance with Rule 16 of the AIM
Rules, fees payable in respect of the acquisition have been
aggregated with all fees previously paid to M1 Agency LLP since 16
December 2020, being the date of the Company's last related party
disclosure and associated fairness opinion, in respect of M1 Agency
LLP. These aggregated fees total GBP494,700 and are therefore
considered a related party transaction for the purposes of the AIM
Rules.
The independent Directors, having consulted with N+1 Singer
Advisory LLP, consider the terms of the related party transaction
are fair and reasonable insofar as the Company's shareholders are
concerned.
- Ends -
For further information contact:
Urban Logistics REIT plc
Richard Moffitt +44 (0)20 7591 1600
Buchanan +44 (0)20 7466 5000
Helen Tarbet +44 (0) 7872 604453
Henry Wilson +44 (0) 7788 528143
George Beale +44 (0) 7450 295099
---------------------
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 has been established to invest 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 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQDKFBQCBKDPBB
(END) Dow Jones Newswires
March 01, 2021 02:00 ET (07:00 GMT)
Urban Logistics Reit (LSE:SHED)
Historical Stock Chart
From Apr 2024 to May 2024
Urban Logistics Reit (LSE:SHED)
Historical Stock Chart
From May 2023 to May 2024