SHED plans entry to FTSE

Last-mile logistics specialist Urban Logistics is looking to enter the main market of the FTSE, after five years on AIM. Chief executive Richard Moffitt said the REIT, which is listed on the junior market as SHED, had grown to a scale that made it better suited to the premium segment of the stock exchange. “After continued dialogue with shareholders, the board believes that a main market listing is the most effective platform to further grow and diversify the shareholder register and the asset base,” Moffitt said in a trading update this morning (25 October). The company will report its half-year results on 11 November 2021. The REIT has recently deployed more than £100m of capital, raised over the past quarter. Since its inception as an AIM-listed company, Urban Logistics has grown to a portfolio of 91 last-mile assets, with 99.4% occupancy, rent collections at 99% and yields of 6.2%. It also has a £400m-plus pipeline of deals, and even larger plans in the future. Moffitt alluded to expansion: “Going forward, we will continue to focus on active asset management to drive capital value creation in the existing portfolio, while our reputation as a reliable and well-known counterparty continues to create opportunities in accessing attractive off-market deals at compelling valuations.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews