(Alliance News) - Urban Logistics REIT PLC on Monday said it is on track to meet its full-year expectations and forecasts a first half rise in both net assets and portfolio value.
The real estate investment trust reported an EPRA net asset value at September 30 of 145.20 pence per share, up 5.2% from 137.96p at the end of March.
On a like-for-like basis, portfolio valuation is expected to climb 3.8% from March to GBP195.0 million.
The firm said it achieved 100% occupancy across its 38 logistics properties.
Chief Executive Richard Moffitt said: "Urban Logistics remains real estate's top performing sub-sector and we have again delivered a strong performance for our interim period. The results are driven by our asset management activities - notably, increasing rents across our core locations and selling ahead of book values. We remain on track to meet our objectives for the current financial year."
During the period, the company acquired six logistics properties from newspaper distributor Connect Group PLC for GBP9.9 million. The portfolio was let to Tuffnells Parcels Express Ltd on a 20-year lease with fixed rental rises, Urban Logistics said.
It also acquired two properties, one in Sittingbourne, Kent and another in Thatcham, Berkshire, for a total of GBP5.3 million. Both were let to DHL Parcel UK, owned by German package delivery giant Deutsche Post AG.
Urban Logistics also completed three disposals during the period. Logistics properties in Nuneaton, in the West Midlands, and Bedford and Dunstable, both in Bedfordshire, were sold for GBP18.4 million. The sale price represented a profit on cost of 61% and a total property return of 76%.
Shares in Urban Logistics were 2.6% higher at 128.75p each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
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