Urban Logistics REIT PLC - London-based logistics-focused real estate investment trust - Acquires logistics site in Bromborough, Wirral for GBP16.3 million at a net initial yield of 5.0%.
The 169,963 square feet property is let to Great Bear Distribution Ltd. This is part of food and drinks logistics provider Culina Group, which operates a Nestle Cereal contract. The lease runs to January 2022, with a passing rent of GBP4.97 per square feet.
Also, company said it has received 99% of rent due for the quarter to the end of March.
"Despite the lockdown restrictions that are once again in place, I'm pleased to report that all of our tenants are operational. Our strong levels of rent collection are evidence of our proactive approach to strong covenants and our preference for tenants involved in the supply of essential products and consumer goods," said Chief Executive Richard Moffitt.
Current stock price: 142.92 pence
Year-to-date change: up 0.7%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Urban Logistics (SHED)