Logistics facility acquired by investor for £8.3m
A facility in East Yorkshire was among £29m worth of logistics assets acquired last month by Urban Logistics REIT.
The property investment business bought a 137,962 sq ft facility let to Premier Modular Ltd – a modular building manufacturer – until 2032. The property near Driffield was acquired for £8,350,000.
Urban Logistics also acquired two other warehouses in October, one in Spennymoor, near Durham and one on the Walworth Industrial Estate, near Andover.
Urban Logistics says it has now committed or deployed £132m of capital following its July equity raise (5.8% weighted NIY), with about £23m of further investments in advanced stages of contractual progress.
The company has recently announced a new pipeline of over £400m of high-quality logistics assets, using its proprietary network to source attractive off market deals.
Commenting on the latest purchases, Richard Moffitt, chief executive, said: “These assets are excellent additions to our fast growing portfolio, and demonstrate our team’s continuing ability to source well priced, high quality assets off market at favourable terms.
“As we move towards our Main Market listing on the London Stock Exchange, we remain committed to our proven strategy to acquire medium sized last mile logistics assets, in key locations, with excellent transport links.
“Our properties are all key to our tenants’ operations, and we seek to add value through active asset management and improvements in environmental performance.”
