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Urban Logistics REIT announce six logistics acquisitions

Urban logistics REIT, an urban logistics investor, has completed the acquisitions of six logistics spaces across the UK for a total of £67.4m.

A logistics site in Hoddesdon, Hertfordshire was by far the largest deal at £34.3m.

The 12-acre land space comprises five units, three of which are let to Müller UK & Ireland Group, a major producer and distributor of dairy products, until 2030. 

Placed just seven miles from the M25, the site is an attractive “last mile” distribution hub.

Richard Moffitt, chief executive at the company, said: “The site is well located in the South East for delivering essential goods the ‘last mile’ to customers and businesses. Significantly, it offers excellent opportunities for value enhancement through active asset management.”

 Elsewhere, the firm acquired five distribution units and warehouses in Ripon, Braintree, Oxford, Exeter, and Warrington for a total consideration of £33.1m.

The first acquisition, a two-unit warehouse bought for £11.2m and let to Delamode Group and Xpediator, took place on 30 October. 

The firm then bought a 71,384 sq ft distribution warehouse in Oxford and a 43,881 sq ft unit in Ripon.

To complete the acquisitions, £5.1m and £4.8m was spent on warehouse facilities in Exeter and Warrington respectively on 6 November.

Moffitt added: “These acquisitions were sourced off-market and are in line with our strategy of focusing on well-located logistics properties that supply essential products and consumer goods.

“With greater scale, we are confident that we can continue to deliver attractive shareholder returns.”

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