Urban Logistics, the specialist UK industrial and logistics REIT, has sold one of its Bedford sites to Apperly Estates for £9.2 million, realising a Total Property Return of 74%.
The 85,012sq ft Postley Road site was purchased at the time of the Company’s April 2016 IPO for £5.5 million. It comprises four industrial units together with a piece of development land which has been retained by the Company. Apperly has an option to acquire the land for £0.5 million if planning permission is granted.
The industrial units are fully let with an average WAULT of 5.9 years having have undergone extensive asset management, with new rents agreed at £6.52 per sq ft on Unit A and £6.26 per sq ft on Unit B.
Richard Moffitt, Chief Executive, said: "This disposal has realised a very strong return for shareholders three years after its purchase. Since our IPO we have achieved considerable success creating then realising value across our portfolio once available asset management initiatives have been completed.
“Looking ahead, we remain selectively acquisitive and have an extensive pipeline of opportunities, focusing on properties that serve the ‘last mile’ needs of a diverse tenant base, especially those responding to the challenges of e-commerce and supply chain constraints."