IN BRIEF: Urban Logistics Acquires Wirral Site For GBP16.3 Million
Fri, 15th Jan 2021 10:57
Urban Logistics REIT PLC - London-based logistics-focused real estate investment trust - Acquires logistics site in Bromborough, Wirral for GBP16.3 million at a net initial yield of 5.0%.
The 169,963 square feet property is let to Great Bear Distribution Ltd. This is part of food and drinks logistics provider Culina Group, which operates a Nestle Cereal contract. The lease runs to January 2022, with a passing rent of GBP4.97 per square feet.
Also, company said it has received 99% of rent due for the quarter to the end of March. Despite the lockdown restrictions that are once again in place, I m pleased to report that all of our tenants are operational. Our strong levels of rent collection are evidence of our proactive approach to strong covenants and our preference for tenants involved in the supply of essential products and consumer goods, said Chief Executive Richard Moffitt.
15 January 2021 | 07:57am
StockMarketWire.com - Urban Logistics has acquired an off-market a logistics site in Bromborough, Wirral for £16.3 million at a 5.0% NIY, as part of the deployment of capital raised from the company s recent fundraising.
The site is let to Great Bear Distribution, part of the Culina Group, which operates a Nestle Cereal contract.
The lease, with a passing rent of £4.97 per square foot, runs to January 2022 after which a reversionary lease, with a cap and collar rent of £5.15 to £5.50 per square foot, has been agreed through to January 2032.
The specialist UK logistics REIT said it has received 99% of rent due for the quarter to March. The remaining 1% is expected to be collected imminently and all tenants remain fully operational.
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17 December 2020
Product
Logistics firm Gist has begun a three-month trial of Ecogen generators to slash emissions of its truck refrigeration units at its site in Spalding, Lincolnshire.
The generators plug into existing diesel refrigeration units and convert them to electric power, which is said to allow them to achieve the same environmental classification as the vehicle.
“The hybrid-drive system harnesses kinetic energy from the truck and recycles it into electrical energy for the transport refrigeration unit,” said Gist’s head of engineering Mick Pethard.
“By taking power via the rear of the engine into this equipment, which converts this into electricity to power the fridge on electric rather than red diesel – which means no CO2 being created by the fridge.”