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01 Mar 2021 | 11:25

Urban Logistics acquires Droitwich asset for £5.4m.

(Sharecast News) - Specialist UK logistics investor Urban Logistics announced the acquisition of an asset in Droitwich Spa, Worcestershire, for £5.4m on Monday. The AIM-traded real estate investment trust described the asset as a "well-specified" 57,494 square foot distribution asset, with the acquisition carrying a net initial yield of 4.95%.

It said the site was let to Spire Healthcare with a reversionary lease already agreed for five years from 7 April.

The rent would be £5.46 per square foot, increasing the property yield to 5.51%.

Urban Logistics said the site was well-located near the M5 motorway, and remained a "critical part" of the tenant's business plan.

"In line with our strategic focus on logistics assets which deliver essential goods the 'last mile' to customers and businesses, all of our recent acquisitions are single-let properties servicing high quality logistics tenants," said chief executive officer Richard Moffitt.

"Today's acquisition is another well located distribution warehouse near the M5, offering opportunities for asset management activities."

At 1102 GMT, shares in Urban Logistics were down 0.03% at 146.95p.
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