Urban Logistics REIT acquires warehouses in Warrington and Edinburgh

Property investment company Urban Logistics REIT has acquired two assets for a total consideration of £21.7m and a 6.14% net initial yield.

Firstly, Urban Logistics said on Wednesday that it had acquired a "well-specified and recently refurbished" 110,859 square foot distribution unit in Warrington for £8.5m at a 6.05% NIY.

Moving on to Edinburgh, Urban Logistics exchanged contracts on an asset in Milton Link, a seven-acre site comprised a 75,478 square foot warehouse, and will purchase the site for £13.2m at a 6.2% NIY.

Chief executive Richard Moffitt said: "We are delighted to announce the acquisition of these high-quality assets in Warrington and Edinburgh which are well positioned to deliver essential goods that 'last mile' to customers and businesses in two important local markets.

"In line with our strategic focus of value enhancement, both assets offer asset management opportunities in the short to medium term given the low passing rents."

Elsewhere, the AIM-listed company also highlighted that it has received 99% of rent due for the quarter to June, with the remaining 1% expected to be collected "imminently".

As of 0820 BST, Urban Logistics shares were up 0.32% at 149.98p.