Urban Logistics acquires Crown warehouse portfolio for €53.7m

Urban Logistics REIT has acquired seven properties known as the “Crown Portfolio” in the United Kingdom for a total consideration of €53.7 million ($58.6 million).

The portfolio comprises distribution sites with an average warehouse size of 84,105 square feet, located in Aberdeen, Huntingdon, Blackpool, Ipswich, Newmarket, Plymouth and Rotherham. The deal is fully funded from the proceeds of March’s €154.9 million ($169.03 million) equity capital raise.

The Crown Portfolio’s tenants include Giant Booker (three sites), Anglian Water, Hermes Parcelnet and Pegler plc. Included within the portfolio is a site in Aberdeen that is multi-let and subject to a 12-month rental guarantee on its two vacant units. With a weighted average unexpired lease term of eight years, the portfolio offers asset management opportunities as well as secure income from high-quality tenants.

Richard Moffitt, chief executive, commented: “These properties are well located, c