Urban Logistics, a U.K.-based industrial and logistics REIT, is forward-funding two development sites for £23 million ($32 million).
The company has exchanged contracts with Wilson Bowden Developments to forward-fund five high-quality urban logistics assets at Nottingham and Leicester.
The assets will consist of four units spanning 166,330 square feet, located on an 8.1-acre site at Blenheim Park, Nottingham; and one unit spanning 43,850 square feet, located on a 2.5-acre site at Optimus Point, Leicester.
The investment will be financed from a combination of the company’s cash resources, the sale of logistics properties and debt financing, according to Urban Logistics.
Construction is expected to commence in September 2021.
“COVID-19 has highlighted the importance of warehousing and logistics real estate, especially the scarce, high-quality, single-occupier regional and last-mile urban properties on which the company focuses,” said Richard M
