Urban Logistics, the specialist UK logistics Real Estate Investment Trust, has announced that it has acquired an off-market logistics site in Bromborough, Wirral for £16.3m.
The 170,000 sq ft property constructed in 2012, is let to Great Bear Distribution, part of the Culina Group, which operates a Nestle Cereal contract.
The site is located on the Wirral International Business Park, 1 mile from the M53, making it well-suited to the ‘last touch logistics’ profile which is characteristic of Urban Logistics’ portfolio.
Richard Moffitt, Chief Executive, commented, “This is another high quality off-market acquisition that formed part of our pipeline. This site with its reversionary lease is well-located and offers an excellent opportunity for value enhancement over the long term through active asset management.
“Despite the lockdown restrictions that are once again in place, I’m pleased to report that all of our tenants are operational. Our strong levels of rent collection are evidence of our proactive approach to strong covenants and our preference for tenants involved in the supply of essential products and consumer goods.”