- Urban Logistics REIT said it had sold a site comprising industrial units in Bedford for £9.2m.

The sale of the site, on Postley Road, realised a total property return of 74%, the company said.

The 85,012 square foot site was purchased at the time of the company's IPO in April 2016 for £5.5m.

It comprised four industrial units together with a piece of development land.

The development land, which the purchaser had an option to acquire if planning permission is granted for £0.5m, was not included in the disposal and would be retained by the company.

'Since our IPO we have achieved considerable success creating then realising value across our portfolio once available asset management initiatives have been completed,' chief executive Richard Moffitt said.

'Looking ahead, we remain selectively acquisitive and have an extensive pipeline of opportunities, focusing on properties that serve the 'last mile' needs of a diverse tenant base, especially those responding to the challenges of e-commerce and supply chain constraints.'

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