Urban Logistics collects 99% of rents in six months to Sept

25th Oct 2022 08:01

(Sharecast News) - Urban Logistics REIT said it had collected 99% of rents in the six months to September 30.

The company on Tuesday added that it had secured 12 new lettings in the period covering 470,000 sq. ft. of space, generating £4m of additional rental income.

Urban logistics said it had £122m of debt drawn in the period with Aviva Investors, fixed for 10 years at a cost of 3.8%, bringing total debt to £310m, of which 97% is hedged or fixed, and has a blended cost of 3.3% and a weighted average term of 6.4 years.

"Looking to the future, we see the potential for continued capital market turbulence, but are reassured by the continuing demand in the occupational market for our asset class. We remain well placed with our largely fixed debt cost, low LTV, and immediately available debt facilities at an attractive cost, to acquire assets when the time is right," said chief executive Richard Moffitt.

"Our strategy will continue to be based on value creation through active asset management, leaving us well-positioned in a volatile market."

Reporting by Frank Prenesti for Sharecast.com