Urban Logistics acquires two smaller urban logistics sites

Real estate investment trust Urban Logistics has acquired properties at Staffordshire's Stone Business Park and Leicestershire's Lime Kilns Business Park from Carbide Properties, conditional on receipt of planning permission.

Urban Logistics expects to outlay a total of £15.4m for the acquisition and development of both assets, financed from the company's cash resources, debt facilities and the proceeds of two property sales.

The AIM-listed outfit expects construction of the assets to kick off in June 2019, with work at Stone and Hinckley targeted for completion in December 2019 and January 2020, respectively

Chief executive Richard Moffitt said: "These acquisitions will add high-quality new assets to the company's portfolio at a time when smaller urban logistics sites are in short supply.

"We have experienced strong interest from prospective tenants and expect to be fully pre-let by the time both assets reach practical completion."

As of 0925 GMT, Urban Logistics shares had slipped 1.57% to 118.61p.