£250 million oversubscribed Issue for Urban Logistics REIT plc

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Panmure Gordon is delighted to have acted as Joint Broker and Joint Bookrunner to Urban Logistics REIT plc on its significantly oversubscribed £250m Issue.

Urban Logistics, the specialist UK Logistics REIT, focuses on a specialist sub-sector of the UK real estate market, investing in last mile / last touch urban logistics properties that enable businesses to operate modern distribution networks capable of responding to the challenges created by e-commerce and evolving infrastructure demands. Its investment strategy focuses on strategically located smaller single let properties servicing high-quality tenants.

Due to the strength and quality of demand from investors, the placing was materially oversubscribed above the £200 million target. As well as receiving strong support from existing shareholders, a number of high quality new investors, including specialist real estate investors, have joined the register.

Panmure Gordon has been instrumental in raising, in aggregate, over £350m for Urban Logistics over the past six months. This has facilitated significant growth in the Company’s logistics portfolio, and upon completion of this fundraise the company’s market capitalisation is expected to be over £800 million.

Richard Moffitt, Chief Executive, commented:

“As tenants look to secure long-term supply chain infrastructure, the “last mile” or “last touch” sector continues to feature as a key and growing part of occupational demand. With 93 properties in strategic logistics locations in the portfolio and with an attractive pipeline that we can now execute, Urban Logistics has strengthened its market-leading position in this important segment of the market. The amount of capital that we have raised reflects our disciplined approach to date and we look forward to updating investors on our progress with new acquisitions and our ongoing asset management initiatives in due course.”

Nigel Rich CBE, Independent Non-Executive Chairman, said:

“Urban Logistics remains the only London listed REIT with a pure focus on last mile / last touch logistics properties. This £250 million Issue is a further endorsement of this strategy and we are extremely grateful to both our existing and new shareholders for their support in this capital raise. With our move to the London Stock Exchange’s Main Market completing imminently we look forward to entering the next exciting chapter in the Company’s development.”

2 December 2021

Panmure Gordon Media Relations