£2.9m deal agreed to acquire distribution premises

Barker Business Park

A 43,881 sq ft distribution unit near Ripon, North Yorkshire, has been bought for £2.9m by Urban Logistics REIT.

The listed firm has acquired the property from Xpediator plc.

It is among five logistics premises acquisitions announced this morning by Urban Logistics, for a total consideration of £33.1m. The other properties are in Braintree, Oxford, Exeter and Warrington.

Nidd Transport, a third-party logistics operator recently acquired by Xpediator plc, has taken a 15-year lease as part of a sale and leaseback arrangement for the unit in Ripon.

The rent is £4.56 per sq ft and there is a five-yearly rent review linked to RPI with a cap and collar (2% – 4%).

The unit is located on the Barker Business Park, adjacent to the A1(M).

Richard Moffitt, Urban Logistics REIT chief executive, said: “These acquisitions were sourced off-market and are in line with our strategy of focusing on well-located logistics properties that supply essential products and consumer goods.

“Following the successful completion of our recent fundraising, we will now work to conclude the acquisition of further logistics properties from our established pipeline, enabling the rapid deployment of new funds into high-quality income-generating assets.

“With greater scale, we are confident that we can continue to deliver attractive shareholder returns.”

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