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Urban Logistics REIT PLC - last mile logistics focused REIT - Considering an equity fundraise to "capitalise on its strong pipeline" and a "very attractive investment environment". Will now begin discussions with existing and potential new investors. Noted fundraise follows identification of pipeline of assets with consideration of GBP389 million across 33 assets, with a weighted unexpired lease term of about 6.7 years, a current rent roll of about GBP26.7 million per annum and with a weighted average net initial yield of about 6.4%.
"The company believes that the acquisition of the pipeline properties will be accretive to earnings and will further diversify the company's income, in addition to continuing to strengthen the portfolio's quality, size and prospects for further growth," Urban Logistics added.
Current share price: 145.90 pence
Year-to-date change: up slightly from 145.03 pence
By Paul McGowan; paulmcgowan@alliancenews.com
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