Last checked at 
17 Jan 2024 07:00
17 January 2024
Urban Logistics REIT plc
("Urban Logistics" or the "Company")
Lettings Update and Broker Appointment
Active Asset Management Continues to Drive Rental Growth
Urban Logistics (LON: SHED), the last mile logistics focused REIT, is pleased to announce a lettings update and the appointment of Joh. Berenberg, Gossler & Co. KG ("Berenberg") as its joint broker alongside its existing corporate broker Singer Capital Markets, with immediate effect.
Demand for space continues to outstrip supply in the Company's specialist sub-sector of last mile, last touch delivery of essential goods in urban locations. The Company has completed seven lease events since 1 October 2023, with a further two leases either in solicitors' hands or under offer. The lease events completed are evidence of significant asset management opportunities available to the Company, with like-for-like increases in passing rent of 31% achieved on more than 400,000 sq. ft, generating an additional £0.5m in rental income.
Urban Logistics will host a Capital Markets Day for institutional investors and analysts in March 2024, giving a full appraisal of recent asset management activity, the potential for further asset management upside in the portfolio and the Company's potential for medium to long term rental income growth. The Capital Markets Day will also provide an update on our ESG initiatives, including tenant engagement in this area, and progress on individual projects such as the solar panel installation program. For further details and to register interest in attending the event, please contact urbanlogistics@buchanan.uk.com.
Richard Moffitt, of Urban Logistics, commented:
"We have seen a more active occupational market in recent months, as companies continue to focus on simplifying and localising their distribution networks to be closer to their end customers.
"Two additional leases under offer and in solicitors' hands will further reduce portfolio vacancy.
"We remain confident in Urban Logistics' unique strategy of acquiring last mile single let mid box assets with appealing opportunities to add value through active asset management, which will continue to drive the Company forward in 2024 and beyond."
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Urban Logistics REIT plc Richard Moffitt
|
+44 (0)20 7591 1600 |
Buchanan Helen Tarbet Simon Compton George Beale
| +44 (0)20 7466 5000 +44 (0) 7872 604453 +44 (0) 7979 497324 +44 (0) 7450 295099 |
Singer Capital Markets - Joint Broker James Maxwell / Alaina Wong / Oliver Platts (Banking) Alan Geeves / James Waterlow / Sam Greatrex (Markets)
| +44 (0)20 7496 3000 |
Berenberg - Joint Broker Richard Bootle / Matthew Armitt / Patrick Dolaghan
| +44 (0)20 3207 7800 |
G10 Capital Limited (part of IQ EQ) - AIFM Paul Cowland
| +44 (0)20 397 5450 |
About Urban Logistics REIT
Urban Logistics REIT plc (LON: SHED) is a FTSE 250 property investment company. The Company is the only London-listed REIT to focus on specialist last mile / last touch logistics assets, with a tenant base which delivers essential goods within the UK. The Company's strategy is to invest in mid-sized logistics properties with the objective of generating attractive dividends and capital returns through active asset management.
Urban Logistics' investment adviser team, led by Richard Moffitt, has significant experience in investing in the logistics market within the broader real estate market. The team's ability to source vital and strategically located mid-sized single let properties, with high-quality tenants, off-market at favourable terms, creates considerable value for shareholders. Tenants include Amazon, XPO, DHL, Hermes, DPD, Boots, Unipart (for NHS), Royal Mail and J Sainsbury Plc.
Buying well and pursuing additional value enhancing asset management initiatives has driven the Company's growth, enabling Urban Logistics to grow from a £10m market cap company at IPO in April 2016 to a FTSE 250 constituent with a portfolio valued at over £1.1bn.