Urban Logistics, the last mile logistics focused REIT, has acquired a Leicester logistics warehouse as part of a wider £90 million swoop.
The 249,211 sq ft logistics warehouse is two miles from the M1 at Beveridge Lane, Bardon. The purchase price paid was £35,385,000.
The unit is let to DHL Supply Chain Ltd on a lease expiring in 2027.
Richard Moffitt, Chief Executive, said: “During recent market volatility we have been deliberately patient in our deployment, and that patience has been rewarded by our ability to acquire these properties in prime locations on advantageous terms.
“Our occupational market, with its focus on supply chains for essential goods, remains strong with continued upward pressure on rents. We firmly believe that, at any stage in the property cycle, if we improve lease lengths we will see yield compression.
“We therefore see substantial potential valuation increases in these acquisitions, driven by our asset management plans.”
