LONDON (ShareCast) - (Sharecast News) - Specialist UK logistics real estate investment trust Urban Logistics updated the market on its trading on Thursday, following the close of its interim financial reporting period to 30 September, claiming a like-for-like increase of 6.6% in its portfolio valuation since 31 March, to £173.8m.
The AIM-traded company said its EPRA net asset value per share was ahead 5.5% at 129.21p, with its total accounting return at 8.1%.

Its portfolio occupancy rose to 98.9% from 93.3%, with its weighted average unexpired lease term unchanged at five 0 years since 31 March.

The firm's loan-to-value ratio stood at 37.1% at period end, up from 36.9% at the end of March.

It did raise £20.4m of gross proceeds in April, in order to acquire a portfolio of logistics assets for £36.0m.

"We have again exceeded expectations through ongoing active asset management in a sector that continues to show strong fundamentals," said chief executive Richard Moffitt.

"Following the £20m April fundraising, we were fully invested by September, purchasing six well located logistics assets across the Midlands."

Moffitt said recent lettings had focused on supporting the distribution operations of high-quality tenants operating in essential goods sectors, underpinning its income and total return capabilities.

"Our well-located portfolio continues to offer significant reversionary potential that we intend to capture as part of our ongoing asset management programme."

Urban Logistics said it intended to report its half-year results on 15 November.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE