Urban Logistics pleased with first half leasing progress

18th Oct 2018 14:54

(Sharecast News) - Specialist UK logistics real estate investment trust Urban Logistics updated the market on its trading on Thursday, following the close of its interim financial reporting period to 30 September, claiming a like-for-like increase of 6.6% in its portfolio valuation since 31 March, to £173.8m.The AIM-traded company said its EPRA net asset value per share was ahead 5.5% at 129.21p, with its total accounting return at 8.1%.Its portfolio occupancy rose to 98.9% from 93.3%, with its weighted average unexpired lease term unchanged at five 0 years since 31 March.The firm's loan-to-value ratio stood at 37.1% at period end, up from 36.9% at the end of March.It did raise £20.4m of gross proceeds in April, in order to acquire a portfolio of logistics assets for £36.0m."We have again exceeded expectations through ongoing active asset management in a sector that continues to show strong fundamentals," said chief executive Richard Moffitt."Following the £20m April fundraising, we were fully invested by September, purchasing six well located logistics assets across the Midlands."Moffitt said recent lettings had focused on supporting the distribution operations of high-quality tenants operating in essential goods sectors, underpinning its income and total return capabilities."Our well-located portfolio continues to offer significant reversionary potential that we intend to capture as part of our ongoing asset management programme."Urban Logistics said it intended to report its half-year results on 15 November.