More than £70m worth of logistics assets acquired
Investor Urban Logistics says it has acquired about £72m worth of income producing assets since February this year, including properties in Yorkshire and the West Midlands.
Latest purchases include two distribution warehouses in Howden Dyke Road, in Goole. One of these is a 287,589 sq ft property, bought for £24m. The unit is let to E-Buyer (UK) Ltd until October 2036.
The other is a 155,205 sq ft building, which was bought for £16m, and is let to Wren Kitchens also until October 2036.
Urban Logistics has also bought a 31,187 sq ft warehouse in Fairview Industrial Estate, Curdworth, North Warwickshire, for £3,650,000. It is let to Personnel Hygiene Solutions until July 2027.
Richard Moffitt, chief executive, said: “It has been a busy few weeks at Urban Logistics, as we continue to deploy the proceeds from our December 2021 fundraising, on assets with significant scope for shareholder value creation.
“These acquisitions represent a step forward as we work through our extensive pipeline, with further high yielding assets to come. We remain focused on well let, strategically positioned assets, in existing and emerging logistics hubs.
“We expect this flow of acquisitions to continue and expect to make further acquisitions in the near term, with acquisitions in solicitors hands bringing our expected blended NIY on capital deployed since the December fund raise to circa 5.4%.”
