Urban Logistics REIT has agreed to sell five assets located in Bedford, Northampton (two warehouses), Leicester and Chesterfield to a joint venture between The Carlyle Group and ARA Dunedin for £30.0 million.
”The average purchase price was 7.0% NIY and the company has undertaken extensive asset management with new rents and lease terms agreed across all sites. The sale represents a 35.4% uplift on 30 September 2020 book values,” said the company in a statement.
The five assets are let with an average WAULT of 7.4 years. The disposal represents a 4.8% exit yield and a total property return of 78.8%.
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“Since we started out on our journey in 2016, we have achieved considerable success creating, then realising value across our portfolio once available asset management initiatives have been completed. This deal is the latest example of our proven track record of value creation,” said Richard Moffitt, Chief Executive.
“The funds realised from these sales will be quickly redeployed in acquiring further assets from our pipeline,” he added.