Urban Logistics buys site in Bedford- The site was purchased from 3M Products Limited for total consideration of £17.1 million. The property is located at Hudson Road, Bedford. The land consists of a development site and a building with a total of 20.1 million acres of land. The building is 183,883 sq ft and is currently vacant as 3M was also the tenant. The building is gaining strong interest from a bunch of high-quality and multinational companies that fit Urban’s criteria. The investment is right in line with Urban’s investment strategy of buying sites that are well priced, with asset management potential and is located in an area that Urban knows well.
Urban in order to finance the acquisition is selling development land that consists of 12.1 acres to a local developer. The acquisition is also being financed through the companies recent sale of its site in Leeds, along with debt finance through its club facility with Santander and Barclays.
Richard Moffitt, chief executive, said:
“The acquisition of this well-located, institutional-grade logistics property offers attractive asset management opportunities for the Company, together with the potential to add newly developed assets in the future. This is another example of our approach to creating value whereby the proceeds from successful asset management are reinvested into new opportunities, ensuring the portfolio continues working for shareholders. We have had considerable success with investments in Bedford and are confident that this site will prove attractive to a variety of different occupiers. Looking ahead, we remain opportunistically acquisitive, focusing on assets that serve the ‘last mile’ needs of a diverse tenant base, especially those responding to the challenges of e-commerce and supply chain constraints.”
SHED-Urban Logistics buys site in Bedford