Urban Logistics’ shares dipped today after the AIM-listed landlord signalled that it was targeting a promotion to the main segment of the London Stock Exchange.
Announcing full-year results this morning, the REIT said its portfolio value had grown to £508m in the year ending March, buoyed by “ongoing momentum” in the logistics sector.
Nigel Rich, chairman of Urban Logistics, told investors that the board had set its sights on “a level of market capitalisation that will justify a move to a premium listing on the main market of the London Stock Exchange in the near future”.
The landlord signalled that it would raise further funds in the capital markets to achieve this goal. Shares fell by 1.24% to finish at 159.5p.
In the FTSE 100, shares in blue-chip landlords fell across the board during a thin trading session before a key European Central Bank meeting on Thursday.
British Land fell by 1.5% to 5188p and Landsec dropped 1.3% to finish the session at 725.2p. SEGRO traded down 0.6%, at 1,079.5p.
The biggest property risers were GCP Student Living and Hammerson, whose share prices rose by 2.9% to 177.2p and 2.4% to 43.3p, respectively.
The steepest property fallers on the index were Big Yellow Group and Safestore, which fell by 1.6% to 1,313p and 1.2% to 953.5p.
The FTSE 100 ended the day at 7,081 points, a fall of 0.2%. The FTSE 250 dropped by 0.6%, at 22,759.
To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews
