Urban Logistics has exchanged contracts with Carbide Properties for the £15.4m purchase of two logistics assets in Staffordshire and Leicestershire.
The acquisition, which is subject to planning permission, will be financed from the business’s cash resources, including the proceeds from two property sales, one of which is expected to exchange in the near future, together with debt from its existing club facility.
One of the assets, located at Staffordshire’s Stone Business Park, will comprise four logistics units with a total gross internal floor area of 86,000 sq ft.
The other asset, at Leicestershire’s Lime Kilns Business Park in Hinckley, will consist of two units with a total gross internal floor area of 63,500 sq ft.
During the construction of both assets, which is expected to commence in June 2019, Urban Logistics will benefit from a 6% interest rate coupon on the forward funding provided.
Practical completion for the assets is targeted for December 2019 at Stone and January 2020 at Lime Kilns.
Richard Moffitt, chief executive of Urban Logistics, said: “These acquisitions will add high-quality new assets to the company’s portfolio at a time when smaller urban logistics sites are in short supply.
“We have experienced strong interest from prospective tenants and expect to be fully prelet by the time both assets reach practical completion.
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