Urban Logistics Share News (SHED)

Urban Logistics hails strong portfolio amid new lettings

(Alliance News) - Urban Logistics REIT PLC on Wednesday reported that it saw continued progress in the fourth quarter of its financial year, which it said was marked by significant like-for-like rental increases and a number of new lettings.

LONDON BROKER RATINGS: BofA cuts Ashmore; JPMorgan lifts Fresnillo

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Urban Logistics upbeat as rents strengthen

(Sharecast News) - Urban Logistics REIT struck a confident tone on Wednesday, after rents rose by nearly a quarter in the last three months of the year.

London close: Stocks finish higher as US inflation tops forecasts

(Sharecast News) - London's stock markets closed positively on Wednesday, as investors processed a higher-than-anticipated inflation report from the US, while Tesco paced the gains following favourable results.

TRADING UPDATES: CAP-XX raises funds; Shanta Gold dividend

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

TRADING UPDATES: Chariot mulls future of Transitional Power business

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

Abrdn Property Income urges shareholders back "compelling" merger

(Alliance News) - Abrdn Property Income Trust Ltd on Thursday provided an update on the proposed all-share merger with Custodian Property Income REIT PLC.

Custodian amends terms and reaffirms commitment to abrdn merger

(Alliance News) - Custodian Property Income REIT PLC on Wednesday said that it believed the proposed merger with abrdn Property Income Trust Ltd had a "compelling strategic and financial rationale", as the pair agreed to extend the merger commitment date to Friday.

Custodian and abrdn are real estate investment trusts with a portfolio of properties in the UK.

In January, the pair agreed terms for an all-share merger, which would create a real estate investment trust with combined assets totalling GBP1.0 billion.

Per the agreement, abrdn Property Income shareholders will receive 0.78 new Custodian shares for each share in the company.

On Tuesday, Custodian reaffirmed its belief that the merger holds a "compelling strategic and financial rationale".

The company said that it would be waiving its one-off project fee in connection with the merger, which amounted to GBP350,000.

Custodian also announced a reduction in the management fees payable to its investment manager, Custodian Capital Ltd, for a period of two years following the merger's completion. This fee will now calculated as 0.75% of the combined group's net asset value less than or equal to GBP500 million, changed from 0.9% in respect of NAV up to GBP200 million and 0.75% up to GBP500 million.

Custodian said that thesee amendments "reinforce the financial rationale of the recommended merger and represents further alignment between CREI, Custodian Capital and the shareholders of the combined group".

Custodian urged abrdn shareholders to not take action regarding the separate offer by Urban Logistics REIT PLC for abrdn. In February, Urban Logistics offered abrdn shareholders 0.47 of its shares for each share in the company. Shares in Urban Logistics are currently flat at 118.00 pence each in London on Wednesday.

In a separate announcement, abrdn said that the deadline for Custodian to make a firm intention to continue with the merger or confirm that it does not want to participate in the scheme has been extended to Friday at 5pm. Both abrdn and Custodian have agreed to these terms.

Shares in Custodian were down 1.3% at 77.00 pence each. Shares in abrdn were down 0.2% at 55.00 pence each, both in London on Wednesday.

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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Urban Logistics given March deadline for making API decision

(Alliance News) - Urban Logistics REIT PLC on Friday said it has until March 15 to "clarify its intentions" with abrdn Property Income Trust Ltd.

Urban Logistics approaches abrdn Property Income with "superior" offer

(Alliance News) - Urban Logistics REIT PLC has made an offer for abrdn Property Income Trust Ltd, both companies confirmed on Tuesday.

IN BRIEF: Urban Logistics says demand still outstripping supply

Urban Logistics REIT PLC - UK-focused logistics real estate investment trust - Says demand for space continues to outstrip supply in the "last mile, last touch delivery" sub-sector for essential goods in urban locations. Reports completion of seven lease events since October 1, which "are evidence of significant asset management opportunities available to the company". Says new leases generated around GBP500,000 in additional rental income with passing rent increasing by 31% for over 400,000 square feet. Another two leases are either in solicitors' hands or under offer, which Urban Logistics expects to "further reduce portfolio vacancy".

Urban Logistics reports jump in demand, rise in rental income

(Sharecast News) - Urban Logistics reported a continued surge in demand for space in an update on Wednesday, within its niche sub-sector of last-mile, last-touch delivery of essential goods in urban areas.

UK dividends calendar - next 7 days

LONDON BROKER RATINGS: Citi and Peel up B&M; JPMorgan cuts 888

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday: