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Urban Logistics REIT notes "significant" new lettings in final quarter

9th May 2023 09:54

(Alliance News) - Urban Logistics REIT PLC on Tuesday said it has completed some "significant" new lettings in the three months ended March 31, as it announced the appointment of its new chief investment officer.

The logistics-focused property company signed 15 new lettings and regears in the period, covering 490,188 square feet of space and generating GBP1.6 million of additional rental income.

Urban Logistics said it agreed four further deals after the end of the quarter, generating GBP800,000 in new rent.

Chief Executive Richard Moffitt said: "Our active asset management strategy is key to delivering value throughout the property cycle and this quarter has been no different with the completion of some significant new lettings to tenants who deliver essential goods across the UK and are therefore less vulnerable to fluctuations in economic conditions.

"We're particularly pleased to see our recently completed developments at Rochdale and Nottingham now fully let, and generating a very attractive yield on cost, as well as our continuing EPC improvements, in line with our ESG targets."

Urban Logistics also announced the appointment of Justin Upton as its chief investment officer. The company noted that Upton has previously managed a GBP2.2 billion M&G PLC property portfolio.

Shares in Urban Logistics were down 2.9% at 135.97 pence on Tuesday morning in London.

The company will report its results for the year ended March 31 on June 22.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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