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Urban Logistics REIT raises £130m in placing

Urban Logistics REIT raises £130m in placing

Urban Logistics REIT has raised £130m through an over-subscribed placing.

The result of the placing was significantly in excess of the target size of £100m.

A total of 94.5 million shares in the company have been conditionally placed with new and existing investors at 137.5 pence per share.

Urban Logistics REIT executive directors Nigel Rich and Bruce Anderson both participated in the placing, with Rich buying £134,000 worth and Anderson just over £6,000.

The company also proposed to raise up to a further £12m through an over-allotment option. The purpose of the over-allotment option, the company said, is to provide certain EU investors the opportunity to participate in the placing.

The company also declared a special dividend of 3.85 pence per share for the financial year ending 31 March 2020. The special dividend brings the total dividends issued and declared in respect of the 2020 financial year to 7.60 pence per share.

Richard Moffitt, chief executive, said: “I am delighted that we can confidently increase the portfolio’s scale with the support of our broadened shareholder base. We will now focus on deploying the proceeds of the fundraise into high-quality urban logistics properties and working with tenants to help them get the most out of their facilities.”

Completion of the placing is subject to shareholder approval, which will be sought at a General Meeting on 9 March 2020.

SHED : Urban Logistics REIT raises £130m in placing

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