Urban Logistics REIT Plc: Six months to September: 8.0% total asset returns
The 12 November interims showed an impressive 16.0% annualised total asset return. The company’s “last-touch” distribution warehouse portfolio is in a strong spot. Market supply is reducing structurally, and demand is growing in the short and long term. In 2H’21, 17% of leases are being renewed into a strong market. Deployment of recent equity raises is ahead of schedule, set to complete (with gearing) by January 2021. Expertise is paying off in an actively managed portfolio, yet the shares trade barely above NAV and far below the assets’ replacement cost. With FY’22 likely to see assets fully deployed and with rents rising, the earnings growth is set fair, we believe.Urban Logistic REIT is a property investment company which invests in smaller (sub-£10,000,000) industrial and logistics sites across the United Kingdom. Co.'s focus and Investment Policy is to invest in well-located, fit-for-purpose last mile or regional logistics facilities in the United Kingdom. Co. has invested in 13 assets, comprising 15 tenancies.
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