Urban Logistics Share News (SHED)

(Sharecast News) - British real estate investment trust Urban Logistics saw the value of its portfolio and net asset value rise in the six months ended 30 September.
Urban Logistics witnessed a 3.8% half-on-half increase in its portfolio valuation to £195m, partly driven by the acquisition of six logistics properties from Connect Group for £9.9m at a net initial yield of 7%.

During the half, the AIM-listed group also acquired two logistics properties let to DHL Parcel UK in Sittingbourne and Thatcham for £5.3m at a 5.9% blended net initial yield

Logistics properties in Nuneaton, Bedford and Dunstable were sold for £18.4m, representing a profit on cost of 61.2% and a total property return of 75.9% - 7.9% ahead of book value, on average.

Unaudited EPRA net asset value was up 5.2% to 145.2p per share since 31 March.

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."

As of 0910 BST, Urban Logistics shares were up 2.59% at 128.75p.