Urban Logistics completes new lettings over five units
By Iain Gilbert
Date: Thursday 13 Feb 2025
(Sharecast News) - Property investor Urban Logistics said on Thursday that it has completed new lettings over five units since 30 September, totalling 301,000 square feet of space and £3.0m per annum headline rent.
Urban Logistics said two leases were over assets acquired in September 2024 for a total new headline rent of £1.3m per year and a weighted average lease term of 11 years, generating a 7% uplift on target rental levels on acquisition.
The FTSE 250-listed firm also noted three leases were over previously tenanted assets, for a total headline rental income of £1.7m per year and a WAULT of 18 years. This asset management resulted in a like-for-like rental uplift of 46%, ahead of an external valuer's enterprise rental value.
"This letting activity reduces portfolio vacancy from 8.1% as at 30 September 2024 to 6.2%, on a proforma basis, with continued engagement over further leasing ongoing," noted Urban Logistics.
As of 0915, Urban Logistics shares were up 0.53% at 113.20p.
Reporting by Iain Gilbert at Sharecast.com
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