Urban Logistics has bought five warehouses for £33.1m in off-market deals.
The assets are located in Ripon, Braintree, Oxford, Exeter and Warrington.
In Ripon, the REIT has bought a 43,881 sq ft distribution hub from Xpediator, reflecting a 6.25% net initial yield. As part of the deal, Nidd Transport, owned by Xpediator, has taken a 15-year lease at £4.56 per sq ft.
The REIT has also bought a warehouse, let to Delamode Group, also part of Xpediator, in Braintree for £11.2m at a net initial yield of 5.25% . This is let at £7.99 per sq ft to 2025.
In Oxford, a 71,384 sq ft warehouse let to Ceva Logistics has been acquired for £9.1m – a net initial yield of 6.6%. The site is let at £8.41 per sq ft through to 2025.
A warehouse in Exeter let to Giant Booker was acquired for £5.1m at an 8% net initial yield. Rent is £4.87 per sq ft.
And in Warrington, a warehouse let to CDS Superstores International has been bought for £4.8m at a 7.4% net initial yield. The rent is £4.43 per sq ft.
Chief executive Richard Moffitt said: “Following the successful completion of our recent fundraising, we will now work to conclude the acquisition of further logistics properties from our established pipeline, enabling the rapid deployment of new funds into high-quality income-generating assets.”
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