- Warehouse investor Urban Logistics launched a capital raising of up to around £130m to acquire more properties.

New shares in the company were being offered at 139p each, a 5.4% discount to Urban Logistics REIT's closing price on Friday. The raising included a £100m placing, plus a retail and institutional open offer of up to around £30m.

Proceeds would be used to acquire an identified pipeline of 'high-quality logistics properties' that met investment identified by investment manager Pacific Capital Partners.

The company also announced that it would declare, at the time it announced the results of the placing, a special dividend of 3.25p share in respect of the six months ending 30 September, and in lieu of what would otherwise have been the half-year interim dividend.

'E-commerce accounts for an ever increasing proportion of UK total retail sales and we have all experienced over recent months the importance of supply chain resilience,' chief executive Richard Moffitt said.

'Our focus is on mid-box logistics assets at the end of evolving logistics chains.'

'These remain in short supply and offer excellent opportunities for investors seeking exposure to this high-growth sub-sector of the real estate market.'

'We are in negotiations on an exciting pipeline of logistics properties that fit this profile, enabling the rapid deployment of funds raised pursuant to the issue into accretive high-quality income-generating assets.'

'With greater scale, we are confident that we can continue to grow the company and deliver attractive shareholder returns.'

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