10th Sep 2018 12:02
LONDON (Alliance News) - Urban Logistics REIT PLC confirmed Monday that it completed the acquisition of a second portfolio from property firm LondonMetric Property PLC on Friday.
This is second of two LondonMetric portfolios bought by Urban Logistics following the initial announcement in April includes three warehouses in Northampton, Nottingham and Sheffield.
The portfolios were acquired for GBP36 million in total, with the second portfolio's bought for GBP16.5 million. The total gross consideration is around GBP38.7 million, which includes GBP2.4 million of purchaser costs along with GBP300,000 worth of SDLT and finance costs.
The company said it has fully invested following its April 2018 capital raise, and both portfolios have an average capital value of GBP72.00 per square foot.
"Having fully deployed the investment capital raised in April in another off-market acquisition, we are focused on developing the value of our assets and sourcing new acquisition opportunities to grow the business. Structural demand for well-located urban logistics assets serving the needs of UK businesses remains strong," said Chief Executive Richard Moffitt.
Shares in Urban Logistics were trading up 1.0% at 123.75 each on Monday.
Related Shares:
LondonMetricUrban Logistics