Urban Logistics has bought £40m of sheds since joining the main market in December.
The REIT’s portfolio now consists of 110 last-mile assets, after recently buying properties in Oxford, Peterborough, Daventry, Norwich, Peterlee and Newcastle-under-Lyme, with a blended NIY of 5%.
Urban Logistics said it had deployed or committed £68m of the £250m raised in December.
Chief executive Richard Moffitt said it was a “good package of acquisitions”.
“We have grown into a major player in last-mile/last-touch urban logistics, and our continued focus on pipeline assembly and execution has put us in a position to complete 11 properties since our December equity raise,” he added.
The REIT has also sold a 94,000 sq ft warehouse for £9m, let to G Plan Upholstery on a new 15-year lease. The sale was a 10.4% uplift on book value and a 35% increase on acquisition cost.
The company has also signed a new £40m green debt facility with Aviva Investors, secured against 13 assets, totalling 1.2m sq ft.
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