- Urban Logistics is considering an equity fundraising round to support approximately £300m worth of deals in its pipeline, it announced this morning.

The AIM-listed real estate investment trust (REIT) said its manager, Pacific Capital Partners, was in advanced negotiations on deals worth £146m, with a further £150m worth of transactions at the preliminary stage.

The 'advanced' transactions comprise three portfolios and 12 single assets with a weighted average unexpired lease term of approximately 7.8 years and an expected weighted average net initial yield of approximately 6.8%.

Urban Logistics said Pacific Capital Partners believed that the acquisitions would be positive for shareholder returns and diversify the company's income, in addition to strengthening the portfolio's quality, size and prospects for further growth.

The pipeline assets are subject to ongoing negotiations and due diligence, and no contractually binding obligations have been entered into for their sale and purchase.

Urban Logistics said it was considering an equity fundraising, alongside debt finance 'where appropriate', to enable it to capitalise on the potential new acquisitions.

Any equity fundraising would be conditional upon a number of factors, the company said, including the approval of shareholders.

Pacific Capital Partners believed that the net proceeds of a potential fundraise would be substantially invested within a three-month period following completion, Urban Logistics said.

At 8:38am: [LON:SHED] Urban Logistics REIT Plc share price was 0p at 146p

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