Urban Logistics REIT PLC GBP30 Million Portfolio Sale (5655T)
March 26 2021 - 2:00AM
UK Regulatory
TIDMSHED
RNS Number : 5655T
Urban Logistics REIT PLC
26 March 2021
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
GBP30 Million Portfolio Sale
Urban Logistics, (AIM: SHED) the specialist UK logistics REIT,
announces that it has exchanged contracts to sell five assets as
part of a portfolio for GBP30.0 million at a 4.8% exit yield,
realising a total property return of 78.8%.
The sale is in line with Urban Logistics' stated strategy of
active portfolio management and value optimisation where
appropriate. Completion is expected to take place on 21 April 2021.
The average purchase price was 7.0% NIY and the Company has
undertaken extensive asset management with new rents and lease
terms agreed across all sites. The sale represents a 35.4% uplift
on 30 September 2020 book values. The proceeds will be reinvested
into other pipeline opportunities.
The five assets are located in Bedford, Northampton (two
warehouses), Leicester and Chesterfield and have been sold to a
joint venture between The Carlyle Group and ARA Dunedin. They are
let with an average WAULT of 7.4 years.
Richard Moffitt, Chief Executive, commented:
"I am extremely pleased with this sale which has realised a
strong return for shareholders.
"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.
"The funds realised from these sales will be quickly redeployed
in acquiring further assets from our pipeline."
- 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.
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END
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