Law firm Trowers & Hamlins advises Urban Logistics REIT on the disposal of one of its two assets, securing £24.75m of the total £26.3 million at 4.93% net initial yield (NIY). Trowers also assisted on the redeployment of capital into two newly acquired assets at a total acquisition price of £21.1 million, with a blended NIY of 7.35%.
Urban Logistics REIT is the only London-listed real estate investment trust that specialises in single let properties within the 'last touch' logistics sector. The newly acquired assets, located in Leeds and Liverpool, have an average size of around 110,000 sq ft.
Trowers advised on all aspects of each transaction, including, at Leeds, an extensive works package which will improve the company’s ESG credentials together with a rent guarantee lasting a minimum of 1.4 years.
Partners Dwynwen Lewis and Samir Nathwani led the Trowers team, comprising lawyers from multiple specialisms including Real Estate (George Dowson, Melanie Dixon, Katie Evans and Salman Shahid), Construction (Claire Atkins, Rachael Hobbis and Nathan Gessey), Tax (Michael Surry and Melanie List) and Planning (Tim Brown and Sophie Emerson).
Dwynwen Lewis, Partner in Trowers & Hamlins Industrial and Logistics team, commented:
"We are pleased to have advised Urban Logistics on its latest value accretive strategy. The team at Urban have particularly deep seated expertise in the last mile sub-sector which is supported by a dynamic and proactive asset management strategy. We are looking forward to implementing that AM strategy which was already underway on completion and will enhance rental income and achieve immediate capital growth."
