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Urban Logistics hails active asset management on operational successes

24th Jul 2023 09:11

(Alliance News) - Urban Logistics REIT PLC on Monday said it remains focused on delivering a strong operational and financial performance in challenging times by using active asset management.

From April 1 to June 30, the UK-focused logistics real estate investment trust noted several trading successes.

Principal among these were four new lettings, which generated over GBP850,000 of additional rental income. Two rent reviews were also settled during the period at a weighted average uplift of 20%, generating an additional GBP300,000 of rental income.

Urban Logistics also sold two assets for GBP15 million gross, representing a 3.4% premium to March valuations.

The firm secured its debt position, putting GBP57 million of new fixed rate debt in place to refinance its existing floating rate debt. This moved the total debt book to GBP367 million drawn, with a further GBP51 million of undrawn facility at an all-in rate of 4.2%, 93% hedged or fixed to term, with a weighted average maturity of 6 years.

"Against a backdrop of a challenging economic and equity market environment our focus is on delivering strong operational and financial performance," said Chief Executive Officer Richard Moffitt.

Looking ahead, he added: "Our active asset management continues to drive performance and is supported by continued demand from tenants alongside a low national vacancy rate...The market for assets in the company lot size remains robust and over the coming months we intend to recycle additional assets, further validating our net asset value."

Urban Logistics shares were trading 1.6% higher at 124.60 pence each in London on Monday morning.

By Holly Beveridge, Alliance News reporter

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