Urban Logistics, the last mile logistics focused REIT, has acquired two assets in the East Midlands.
It has purchased the £40.7 million East Midlands Logistics Hub, which consists of a 72 acre site with four units, substantial yard space and land with the potential for a further 175,000 sq ft of development.
Three large units totalling 665,527 sq ft are let to Asfordby Storage and Haulage on a short term lease, with the remaining unit (6,773 sq ft) let to Royal Mail.
Located close to the A1 and A46/M1, it will benefit from planned local infrastructure improvements.
The second purchase is a £4.2 million logistics asset on Outer Circle Road, Lincoln.
The property consists of a 25,924 sq ft unit on a 2 acre site that is let to Wickes Building Supplies Limited for a term of 10 years.
Richard Moffitt, Chief Executive, said: “Our portfolio continues to grow at a substantial pace, having completed 14 transactions since our December 2021 equity raise. As we look ahead, we are optimistic that we can continue to source attractive value accretive acquisitions that are strategically positioned in current and emerging logistics hubs.
“With these latest acquisitions, our blended NIY on all completed transactions since our fund raise in December 2021 is 5.4%, exactly as targeted during the raise.
“East Midlands Logistics Hub (EMLH) near Melton Mowbray sits very well with some of our recent acquisitions, as it provides balance to our portfolio in terms of long income and short term asset management opportunity and we are already talking to occupiers about letting the campus location for fast moving consumer goods.
“We look forward to completing further acquisitions in the coming weeks and months and are on track to be fully-deployed on a geared basis by the end of June.”
