Result of Retail Open Offer & Institutional Offer

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Urban Logistics REIT plc

("Urban Logistics" or the "Company")

Result of Retail Open Offer and Institutional Offer

Further to the Circular published on 28 September 2020 containing, inter alia, further information on the Retail Open Offer and Institutional Offer, the Company is pleased to announce that it has received valid acceptances from Qualifying Shareholders in respect of 445,900 Retail Open Offer Shares, raising gross proceeds of approximately £0.6 million under the Retail Open Offer.

In addition, the Company has received valid acceptances for 1,791,903 Institutional Offer Shares, raising gross proceeds of approximately £2.5 million under the Institutional Offer.

Applications for the Retail Open Offer exceeded the maximum number of shares offered under the Retail Open Offer, and accordingly, applications received under the Retail Open Offer Excess Application Facility were scaled back pro rata, with the Company meeting applications for approximately 16% of New Ordinary Shares applied for under the Retail Open Offer Excess Application Facility. All valid applications received under the Institutional Offer will be met in full.

In combination with the result of the Placing announced on 25 September 2020, the Company has now raised aggregate gross proceeds of approximately £92.3 million, conditional inter alia on shareholder approval to enable the allotment of the New Ordinary Shares at the General Meeting, which is to be held at 10.00 a.m. on 15 October 2020. 

Application will be made for 66,429,798 New Ordinary Shares to be admitted to trading on AIM. Following shareholder approval, it is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8:00 a.m. on 19 October 2020.

Words and expressions defined in the Circular published on 28 September 2020 shall have the same meaning in this announcement.

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About Urban Logistics REIT

Urban Logistics REIT plc is a property investment company, quoted on the AIM market of the London Stock Exchange, (AIM: SHED).

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.