Urban Logistics announced five new acquisitions for a total consideration of £48 million at a net initial yield of 6.0%. In addition, the company has completed two new lettings, generating additional rental income of £0.2 million, and two lease restructurings. The company has also reached practical completion on five units of its forward funded developments adding 239,235 sq ft to the portfolio.

Three of the five units are under offer, one was pre-let and marketing is ongoing for the final unit. For the quarter ended 31 December 2022, the company collected 99% of its due and demanded rent. Acquisitions: Columbia Threadneedle Street Portfolio: The following assets were acquired as a collective portfolio for £39.5m at blended 6.10% NIY, all immediately income producing but all with short or medium term asset management opportunities combined with currently low rents: 95,352 sq ft unit in Redditch,Worcestershire, let to Carpet and Flooring (Trading) Limited, on a lease expiring in 2027; 112,586 sq ft unit in Droitwich, let to Amazon UK Services on a lease expiring in 2026; 113,071 sq ft unit in Southampton, let to Delamode Logistics Limited, on a lease expiring in 2024; 81,699 sq ft unit in Rugby, let to the Volvo Group UK Ltd, on a lease expiring in 2026.

Aylesford Way, Thatcham: 63,488 sq ft warehouse for £8.7m at a NIY of 5.8%, situated near junction 12 of the M4, let to Offsite Storage and Integrated Services Ltd, on a lease expiring in 2029.