Urban Logistics makes three acquisitions

Wed, 16 Dec 2020 | COMMERCIAL PROPERTY

Property investor Urban Logistics REIT PLC has made three acquisitions totalling £22.9 million in Huntingdon, Fareham and Northampton. The cost has been funded by the company’s recent round of fundraising.

In Huntingdon, Urban Logistics has acquired a 129,222 sq ft warehouse from Dart Products Limited. The deal came to £2.1 million and Urban Logistics plans to spend a further £4.6 million on a total refurbishment of the site.

The refurbishment is scheduled to be completed in May 2021, after which the warehouse will be let to a multinational delivery services firm on a 15-year lease. The property, located on Huntingdon’s St Peters Road Industrial Estate, has access to A1/M and A14.

The Fareham acquisition is a 71,160 sq ft distribution unit. The property was acquired from M&> for £10.9 million and is let to Amazon UK on a five-year lease to 2025. The site is located close to the M27.

Finally, in Northampton, the company has acquired a 49,433 sq ft distribution unit for £5.2 million. The site, which has been recently refurbished, is let to Trans Global on a 10-year lease to 2030 and is located near the M1.

Urban Logistics Chief Executive Richard Moffitt commented: “These logistics assets are well located in the Midlands and South East for delivering essential goods the “last mile” to customers and businesses.”

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“In line with our strategic focus, all of these assets are single-let properties servicing high quality tenants and provide excellent opportunities for value enhancement through active asset management.”

“The site in Huntingdon is currently undergoing refurbishment and we have secured a leading multinational delivery services company as a tenant on a 15-year lease once work is completed in May 2021.”

“The Northampton site is a recently refurbished logistics unit well located near the M1, let to Trans Global, and the site in Fareham is let to Amazon and is in a prime local location offering reversionary potential.”

In its financial statement to the year ended March 31 2020, Urban Logistics reported revenue of £12.6 million, up from £10.7 million a year earlier, but operating profit dropped from £21.6 million in 2019 to £12.7 million. Total profit fell from £18.7 million in 2019 to £9.3 million.

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