3rd Mar 2021 14:29
Urban Logistics REIT PLC - London-based logistics-focused real estate investment trust - Exchanges contracts with Wilson Bowden Developments Ltd for GBP23.0 million forward funding of two development sites in Nottingham and Leicester, England. Says the 8.1 acre site at Blenheim Park in Nottingham will comprise four units and the 2.5 acre site at Optimus Point in Leicester will comprise one unit. Notes during construction, which is expected to begin in September, Urban Logistics will have a 5.5% interest rate on the forward funding. Construction completion is anticipated some time between September 2022 and February 2023.
"The development programme announced today, which we have sourced off market, will add further high-quality new assets to the company's portfolio at a time when smaller urban logistics warehouses are in short supply. Given the strength of demand for space from occupiers seeking representation in the East Midlands market, we expect to achieve favourable lease terms on each of the assets with high quality tenant counterparties," says Chief Executive Richard Moffitt.
Current stock price: 147.00 pence
Year-to-date change: up 2.8%
By Zoe Wickens; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Urban Logistics