A 71,384 sq ft distribution warehouse in Oxfordshire has been bought by property investment company Urban Logistics for £9.1 million.
The purchase, reflecting a 6.6 per cent yield, is one of five logistics assets bought by the REIT for £33.1 million. The others are located in Ripon, Braintree, Exeter and Warrington. Urban Logistics completed a successful fundraising round in October, raising more than £93 million.
The Oxfordshire unit is let to Ceva Logistics, which distribute sports apparel from the site for a leading global brand. The site is let at £8.41 per sq ft through to 2025 and there is an outstanding RPI-linked rent review. The site serves as a national distribution hub and is prominently located close to the A40.
Urban Logistics Chief Executive, Richard Moffitt, said: “These acquisitions were sourced off-market and are in line with our strategy of focusing on well-located logistics properties that supply essential products and consumer goods.
“Following the successful completion of our recent fundraising, we will now work to conclude the acquisition of further logistics properties from our established pipeline, enabling the rapid deployment of new funds into high-quality income-generating assets. With greater scale, we are confident that we can continue to deliver attractive shareholder returns.”