(Alliance News) - Urban Logistics REIT PLC on Monday said it has purchased logistics assets worth GBP72 million since February at a blended net initial yield of 4.6%.
The London-based property investor said it has completed four transactions. This includes its first central London property, purchased from Lookers PLC for GBP28 million at a net initial yield of 4.2% and other properties in existing and emerging logistics hubs across the UK.
The FTSE 250 company noted that all transactions are immediately income-producing.
Altrincham, England-based car dealership chain Lookers stated in a separate release that it completed the sale of its freehold dealership property in Battersea, London to Urban Logistics in a sale and leaseback agreement.
Lookers said it signed a 20-year lease for the property at an initial rent of GBP1.3 million per year.
The cash proceeds of the sale will be used to invest in its strategic priorities and also will further strengthen its balance sheet, the company said.
Lookers now holds property assets with a net book value of approximately GBP290 million, representing 74 pence per share.
Shares in Urban Logistics were up 0.6% at 187.60 pence each on Monday morning in London. Lookers' shares were trading 0.5% higher at 97.97 pence each.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Urban Logistics (SHED)