(Alliance News) - Urban Logistics REIT PLC said Monday it is mulling a potential equity and debt fundraise as it continues discussions over properties within the real estate investment trust's pipeline.
Urban Logistics said its total pipeline to date is in excess of GBP300 million, of which units worth GBP146 million are in advanced negotiations, and GBP150 million in assets are in preliminary stage discussions.
The units worth GBP146 million are known as the advanced portfolio assets, which comprises three portfolios and 12 single assets, which have a weighted average unexpired lease term of 7.8 years.
Urban Logistics REIT's investment manager Pacific Capital Partners Ltd said that the acquisition of these properties would be accretive to shareholder returns and diversify the trust's income, as well as strengthen the portfolio.
To this end, Urban Logistics said it is considering an equity fundraising, alongside debt finance where appropriate, to allow the trust to capitalise on the pipeline.
Any fundraising proposed will be conditional on shareholder approval.
Shares in Urban Logisitics REIT - which is headquartered in London - were up 0.3% at 146.38 pence on Monday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Urban Logistics (SHED)