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(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.
Urban Logistics is a UK-focused logistics real estate investment trust.
In the three months to March 31, the firm saw an average LFL rental uplift of 23% across all lease events, with three new lettings and three rent reviews covering 374,000 square feet.
This includes a lease with Corndell Quality Furniture Ltd, which is expected to complete next month, over a vacant 121,078 sq ft warehouse in Andover,which will generate GBP900,000 in additional rental income, and a rent review with H&K Distribution Ltd, at a 128,460 sq ft unit in Swift Park, Rugby. This will provide a 28% increase in LFL rental income, Urban Logistics said.
Finally, Urban Logistics said it inked new lease at Interlink way in Bardon with Elliott Baxter and Company Ltd, over a 73,791 sq ft warehouse.
Commenting on the firm's quarterly performance, Chief Executive Officer Richard Moffitt said: "We have seen increased occupational activity in the latter stages of the financial year, with a significant rise in like for like rental rates. This provides evidence that valuations are stabilising and rents improving in our sector, as tenants continue to localise their distribution networks to be closer to their end customers, and demand for our mid-size, single-let assets continues to increase."
The company expects to report its annual results for the year ended March 31 on June 20.
Shares in Urban Logistics were up 1.1% at 108.20 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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