Urban Logistics has identified £115m in acquisitions to be made in upcoming months, buoyed by ongoing demand for e-commerce.
The REIT has doubled the size of its portfolio in eight months, adding £213m in assets at an average net yield of 6%.
In a trading update for the quarter ended, it reported a portfolio valuation of £346m, with a further £67m in acquisitions completed after the period end.
This compares to a valuation of £207m a year earlier. Urban Logistics reported a like-for-like increase in value of 5%, up from a 3.8% hike a year earlier.
Its EPRA net tangible assets per share fell by 2.5% to 141.57p at the end of the period.
The REIT is now focused on deploying capital after a £92m fundraise last month, with £228m raised over the full year.
Chief executive Richard Moffitt said: “A rapid increase in e-commerce has tested supply chains this year due to the unexpected surge in demand. As a result, the logistics market continues to break all records, with the quarter to June 2020 seeing the largest take-up ever recorded.
“We expect that behavioural changes formed during lockdown are here to stay. At the same time, the supply of mid-sized logistics assets close to cities remains severely constrained. Urban Logistics is extremely well placed to benefit from this market backdrop.”
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