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Urban Logistics REIT PLC - UK-focused logistics real estate investment trust - Says demand for space continues to outstrip supply in the ‘last mile, last touch delivery’ sub-sector for essential goods in urban locations. Reports completion of seven lease events since October 1, which ‘are evidence of significant asset management opportunities available to the company’. Says new leases generated around £500,000 in additional rental income with passing rent increasing by 31% for over 400,000 square feet. Another two leases are either in solicitors’ hands or under offer, which Urban Logistics expects to ‘further reduce portfolio vacancy’.
Chief Executive Officer Richard Moffitt says: ‘We have seen a more active occupational market in recent months, as companies continue to focus on simplifying and localising their distribution networks to be closer to their end customers.’
He continues: ‘We remain confident in Urban Logistics’ unique strategy of acquiring last mile single let mid box assets with appealing opportunities to add value through active asset management, which will continue to drive the Company forward in 2024 and beyond.’
Current stock price: 119.20 pence, down 2.1% on Wednesday morning
12-month change: down 15%
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