Urban Logistics acquires six logistics assets for £27.8m

Real estate investment trust Urban Logistics has acquired six logistics assets for a total consideration of £27.8m.

Urban Logistics said on Friday that it had acquired a portfolio of four logistics assets, spread across Macclesfield, Telford, Royal Wootton Bassett and Yate, from Kinaxia Logistics for £17.3m at a 6.24% net initial yield

Totalling 167,350 square feet of warehousing, the average rent across the sites comes to £5.24 per square foot.

Elsewhere, the AIM-listed group acquired an 80,209 square foot distribution unit for £6.7m as part of a sale and leaseback transaction with XPO and also purchased a "well-specified" 124,966 square foot distribution unit from Goodman, currently let to Green Forest Solutions for a term of five years, for £3.8m at a net initial yield of 10.8%.

Chief executive Richard Moffitt said: "We are delighted with these new logistics assets which are perfectly positioned to deliver essential goods the "last mile" to customers and businesses in key conurbations.

"In line with our strategic focus, all of these assets are single-let properties servicing high-quality logistics tenants."

As of 0900 GMT, Urban Logistics shares had inched ahead 0.34% at 148.0p.