13th Feb 2025 11:09
(Alliance News) - Urban Logistics REIT PLC on Thursday said it has completed lettings over five units totalling GBP3.0 million in annual rent since September.
The UK-focused logistics real estate investment trust said the five deals cover 301,000 square feet of space.
Two leases of newly acquired assets had a total new headline rent of GBP1.3 million per year, with a 7% uplift on target rental levels from the acquisition.
Three leases were for previously tenanted assets with an income of GBP1.7 million per year and a like-for-like rental uplift of 46%.
The firm said the deals reduce portfolio vacancy to 6.2%, compared to 8.1% at the end of September.
Chief Executive Officer Richard Moffitt said: "Underlying demand for the company's last touch logistics assets remains strong, as evidenced by the very positive like-for-like growth figures seen in this leasing activity, as well as the premium to [estimated rental value] that these properties are commanding.
"These transactions also evidence the high quality of the assets acquired at the end of 2024, and our ability to add value to them. Rapidly securing new tenants and adding significantly to annual rental income will drive immediate capital growth."
Urban Logistics shares were up 1.2% to 113.90 pence in London on Thursday morning.
By Michael Hennessey, Alliance News reporter
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