Urban Logistics secures £16m site

The property is currently leased to a firm that operates a Nestle Cereal contract

Urban Logistics, the specialist UK logistics REIT, has announced the acquisition of an off-market logistics site in Bromborough for £16.3m.

Situated in Wirral, the site comprises a 170,000 sq ft logistics property that finished construction in 2012.

The site is currently leased to Great Bear Distribution, which is part of the Culina Group that operates a Nestle Cereal contract.

Richard Moffitt, chief executive at the group, commented on the beneficial “last touch” location of the property.

He said: “This is another high quality off-market acquisition that formed part of our pipeline. This site with its reversionary lease is well-located and offers an excellent opportunity for value enhancement over the long term through active asset management.”

In the same announcement as the acquisition, Urban Logistics confirmed that it has received 99% of rent due for the quarter to March, despite the ongoing difficulties surrounding rent payments in a number of other sectors.

Moffitt added: “Despite the lockdown restrictions that are once again in place, I’m pleased to report that all of our tenants are operational. 

“Our strong levels of rent collection are evidence of our proactive approach to strong covenants and our preference for tenants involved in the supply of essential products and consumer goods.”

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