Investor swoops for £45m logistics sites

Urban Logistics REIT has snapped up two East Midlands sites worth a total of almost £45m.

The firm has bought the £40.7m East Midlands Logistics Hub, a 72-acre site near Melton Mowbray that includes four units, yard space and land with potential for a further 175,000 sq ft of development. Three large units totalling 665,527 sq ft let to Asfordby Storage and Haulage on a short term lease, with remaining unit (6,773 sq ft) let to Royal Mail.

Meanwhile, in Lincoln, Urban Logistics REIT has swooped for a £4.2m logistics site on the outer circle road. The 25,924 sq ft unit is let to Wickes on a 10-year lease.

Richard Moffitt, chief executive, said: “East Midlands Logistics Hub (EMLH) near Melton Mowbray sits very well with some of our recent acquisitions, as it provides balance to our portfolio in terms of long income and short term asset management opportunity and we are already talking to occupiers about letting the campus location for fast moving consumer goods. We look forward to completing further acquisitions in the coming weeks and months and are on track to be fully-deployed on a geared basis by the end of June.”