Urban Logistics REIT said on Friday that it has obtained a new £151 mln (€167 mln) five-year facility from lenders Barclays, Santander and Lloyds banks.
The UK REIT plans to use the funds to finance future asset purchases in addition to £136 mln of equity capital raised in March 2020, also used to finance £98 mln of acquisitions across two portfolios, one distribution warehouse and one development site.
In a statement announcing its full year results ended March 31, Urban Logistics unveiled strong results for the year with a 21% increase in net rental income to £12.2 mln as well as a 21% growth in adjusted earnings to £7.2 mln. The company’s portfolio saw its value rise by 11% over the year, to £ 207 mln.
The company said that it has collected all rents due for the quarter to June 2020.
Nigel Rich, Chairman, commented: ‘The long-term economic impact of Covid-19 on the UK economy will take time to emerge. However, it will change the way business is conducted with many more people working from home and doing their shopping on the internet, a trend which started well before the virus.
'Against this backdrop, the fundamentals of the urban logistics market remain attractive. We have successfully raised £136 mln which has enabled us to purchase new assets with asset management opportunities across the country, but predominantly in the Midlands and the North.
'We will be making further asset purchases in the coming months funded by the balance of the equity capital raise and a new banking facility.’
