Urban Logistics has hailed a “very successful” six months as it looks to exploit a £400m pipeline.
The last-mile-focused REIT raised its rental income by 70% to £16m, while boosting profit by 400% to £50m. Its 5.8m sq ft, 91-asset portfolio nearly doubled in value to £661m, with like-for-like valuation growth at 11.3%.
Since the end of the period it has added a further 650,000 sq ft to its estate, deploying £134m of capital since its July equity raise.
Richard Moffitt, CEO, said “We continue to see extremely strong tenant demand for mid-sized last-mile/last-touch logistics assets across the country, intensified by the structural shift towards e-commerce and the need for more resilient supply chains as a result of both Covid and Brexit. With our portfolio value now £661m, we have grown to be a major player in the last-mile/last-touch logistics real estate business.”
He added: “It has been a very successful first half for the group, with significant growth across the portfolio, over 99% occupancy at the period end and over 99% of rents demanded collected in the period.”
Moffitt said the REIT would shortly be “moving from AIM to the premium segment of the main market”, while its “considerable pipeline” would keep up the pace of progress.
An application to join the main market has now been submitted to the London Stock Exchange.
It is proposing a first interim dividend of 3.25p per share, payable on 17 December.
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