Urban Logistics REIT PLC Trading update (7002P)

TIDMSHED

RNS Number : 7002P

Urban Logistics REIT PLC

14 October 2019

Urban Logistics REIT plc

("Urban Logistics" or the "Company")

Trading Update

Urban Logistics, (AIM: SHED) the specialist UK logistics REIT, provides a trading update following the close of its interim reporting period to 30 September 2019. The Company will report its half year results on 14 November 2019.

Highlights

-- Portfolio valuation up 3.8% to GBP195.0 million on a like-for-like basis since 31 March 2019

-- Unaudited EPRA NAV up 5.2% to 145.2p per share since 31 March 2019

-- WAULT of 6.1 years across the portfolio (31 March 2019: 5.5 years)

-- 100% occupancy across 38 logistics properties

-- LTV (net debt) of 34.1% (31 March 2019: 33.7%)

Acquisitions

-- Six logistics properties acquired from Connect Group plc for GBP9.9 million at a net initial yield of 7.0%. The portfolio is let to Tuffnells Parcels Express on 20-year leases with fixed rental uplifts

-- Two logistics properties let to DHL Parcel UK in Sittingbourne and Thatcham acquired for GBP5.3 million at a 5.9% blended net initial yield

Disposals

-- Logistics properties in Nuneaton, Bedford and Dunstable were sold for GBP18.4 million, representing a profit on cost of 61.2% and a total property return of 75.9%(1) . These were on average 7.9% ahead of book value

1. Total property return is capital growth plus net rental income plus sale profit expressed as percentage of purchase price

Richard Moffitt, Chief Executive, commented:

"Urban Logistics remains real estate's top performing sub-sector and we have again delivered a strong performance for our interim period.

"The results are driven by our asset management activities - notably, increasing rents across our core locations and selling ahead of book values. We remain on track to meet our objectives for the current financial year.

"Our well-located portfolio continues to offer reversionary potential that we intend to capture as part of our ongoing asset management programme."

- Ends -

For further information contact:

 
 Urban Logistics REIT plc 
  Richard Moffitt                          [phone] 
 Montfort - Financial PR and IR adviser 
  Olly Scott                               [phone] 
 N+1 Singer - Nominated Adviser and 
  Broker 
  James Maxwell / James Moat (Corporate 
  Finance) 
  Alan Geeves / James Waterlow / Sam 
  Greatrex (Sales)                         [phone] 
 Panmure Gordon (UK) Limited - Joint 
  Broker 
  Chloe Ponsonby (Corporate Broking) 
  Emma Earl (Corporate Finance)            [phone] 
 

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 invests 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 logistics properties servicing high-quality tenants. Investment returns will be generated by an experienced management team focusing on quality stock selection and active asset management.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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October 14, 2019 02:00 ET (06:00 GMT)