(Sharecast News) - Urban Logistics completed the second of two portfolio acquisitions totalling £36m from LondonMetric on Friday, it confirmed on Monday morning.The AIM-traded firm said that, as it had previously announced, its recent acquisition comprised two portfolios.It had now completed the acquisition of the second portfolio at an aggregate acquisition price of £16.5m, representing a net initial yield of 5.8%.The company said the gross consideration including costs for that portfolio was £17.9m.It comprised three "well located" assets - the first being a 45,243 square foot warehouse in Northampton, let to Encon on an annual rent of £225,000 until August 2023, with a rent review due in September.The second was in Nottingham, and consisted of a 113,717 square foot warehouse let to Hillary's Blinds on an annual rent of £568,310 until July 2027, also including 2.2 acre land site to the north of the warehouse.Sheffield was the location of the third asset - a 54,556 square foot warehouse let to Cogne UK on an annual rent of £230,000 until September 2026, with a rent review due in September 2021.As it had previously announced, Urban Logistics said the the gross consideration for both the first and second portfolios was £38.7m, including purchaser costs of £2.4m which were primarily SDLT and finance costs of £0.3m, representing a blended net initial yield of 5.9%.The company said it was now fully invested following its April capital raise.Both portfolios together had an average capital value of £72 per square foot - substantially below the cost of replacement, with low average rents of £4.57 per square foot and a weighted average unexpired lease term of 5.5 years."Having fully deployed the investment capital raised in April in another off-market acquisition, we are focused on developing the value of our assets and sourcing new acquisition opportunities to grow the business," said chief executive Richard Moffitt."Structural demand for well-located urban logistics assets serving the needs of UK businesses remains strong."