Urban Logistics in £17m deal for Wolverhampton business unit
A London listed company has announced the acquisition of a Wolverhampton industrial unit in a deal worth £17m.
In an update to the London Stock Exchange, Urban Logistics said it had acquired a 145,998 sq. ft. unit on Hilton Cross Business Park at Featherstone.
The unit has now been let to Ibstock Bricks Limited for a term ending in 2033, with a first break in 2028.
It was one of four acquisitions announced, with the others in Doncaster, Peterlee and Dartford.
Richard Moffitt, of Urban Logistics, said: "With a view to generating a strong total return for shareholders we are actively seeking to sell selected assets where our asset management initiatives have been completed and their sale will deliver an attractive return on investment.
"We will be reinvesting that capital into assets that not only provide a good income return but also provide asset management opportunities and can therefore provide a meaningful contribution to total return going forward. To that end we have a number of assets already under offer and a strong pipeline of further potential acquisition opportunities."
