Urban Logistics REIT has invested £47.2m (€54.3m) to buy a portfolio of seven properties across the UK.
The listed UK-based logistics properties investor said it has bought Crown Portfolio via the purchase of a Jersey unit trust from funds controlled by Legal & General Investment Management.
The Crown Portfolio owns the seven assets with average warehouse size of 84,105sqft, located in Aberdeen, Huntingdon, Blackpool, Ipswich, Newmarket, Plymouth and Rotherham.
The acquisitions are fully funded from the proceeds of March’s £136.1m equity capital raise, the company said.
Richard Moffitt, CEO, said: “These properties are well located, close to labour availability and population centres, have strong tenant covenants and offer a range of asset management opportunities.
“We have now deployed £103m of the £136m raised in March and will continue to adopt a
patient and cautious approach as we build the portfolio. Our strong balance sheet enables us to look opportunistically at properties which offer attractive returns and complement our existing portfolio.”
Moffitt said the company’s tenants continue to trade well and all of its rents have now been collected.
“We remain convinced of the attractive opportunities ahead across the company’s portfolio and the mid-sized logistics warehousing sector more generally.”