Urban Logistics disposes of Bedfordshire site for ?9.2m
By Iain Gilbert
Date: Friday 17 May 2019
(Sharecast News) - Real estate investment trust Urban Logistics has sold a site located on Postley Road, Bedford, for £9.2m, realising a total property return of 74% in the process.
The 85,012 square foot site, purchased for £5.5m at the time of Urban Logistic's IPO in April 2016, was sold to Apperly Estates. However, a piece of development land, which Apperly was given an option to acquire for a further £500,000 if planning permission was granted, was not included in the disposal and will be retained by the AIM-listed REIT.
Chief executive Richard Moffitt said: "I am extremely pleased with this disposal which has realised a very strong return for shareholders three years on from purchase.
"Since our IPO we have achieved considerable success creating then realising value across our portfolio once available asset management initiatives have been completed."
Looking forward, Moffitt vowed that Urban Logistics would remain "selectively acquisitive" and that its extensive pipeline of opportunities continues to be focused on properties that serve the "last mile" needs of its diverse tenant base, but especially those within the e-commerce and supply chain sectors.
At 1130 BST, Urban Logistics shares were up 0.74% to 122.90p.
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