Urban Logistics, the specialist UK Logistics REIT, is pleased to announce that it has raised gross proceeds of £89.2 million at a price of 139p per share.
The net proceeds of the issue are expected to be used to fund the acquisition of a substantial pipeline of high-quality logistics properties which meet the Company’s investment policy and objectives. The Manager believes that the acquisition of properties in the pipeline will be accretive to shareholder returns and will further diversify the Company’s income, in addition to continuing to strengthen the portfolio’s quality, size and prospects for further growth.
Nigel Rich CBE, Independent Non-Executive Chairman, said:
“We are grateful to our new and existing shareholders for their support for our recent fund raising. Urban logistics assets offer excellent opportunities for investors seeking exposure to this high-growth sub-sector of the real estate market.
The funds raised will help the Company continue to invest in its pipeline of assets which offer capital and income growth opportunities.”
This is the second equity raise that N+1 Singer has supported Urban Logistics with this year, raising a total of over £225 million.
About Urban Logistics REIT plc
Urban Logistics REIT plc is a property investment company, quoted on the AIM market of the London Stock Exchange. The Company has been established to invest in UK-based logistics properties with the objective of generating attractive dividends and capital returns for its shareholders. Its investment strategy focuses on strategically located smaller single let properties servicing high-quality tenants. Investment returns will be generated by an experienced management team focusing on quality stock selection and active asset management.
A number of structural and commercial factors currently support the attractive opportunity in the last mile/regional industrial and logistics real estate sub-sectors targeted by the Company, including: strong occupier demand, (driven by the growth of e-commerce and investment by retailers in their associated supply chain) and a decline in the supply of smaller sized lettable space in industrial and logistics real estate across the UK.
Market Cap: £269 million*
Website: Click here
*As at 28/09/2020
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