Singer Capital Markets is delighted to have acted as Nominated Adviser, Joint Broker and Joint Bookrunner to Urban Logistics on its raise of c.£108.3 million pursuant to the Placing and the PrimaryBid Offer.
The Placing was materially oversubscribed above the £108 million target and a scaling back exercise in respect of the Placing was therefore carried out. A total of 65,870,766 Placing Shares (c.£102.1 million) in the Company have been conditionally placed with new and existing investors at an Issue Price of 155 pence per Ordinary Share.
In addition, taking into account the strong demand from retail investors in the PrimaryBid Offer, a total of 4,000,000 PrimaryBid Shares (£6.2 million) in the Company have been conditionally placed by PrimaryBid at the Issue Price, being the maximum number of shares available in the PrimaryBid Offer.
The Company values its retail investor base and welcomes 116 existing and 395 new shareholders who have invested via PrimaryBid in the PrimaryBid Offer.
Nigel Rich CBE, Independent Non-Executive Chairman, commented:
“I am delighted to announce that the Placing and PrimaryBid Offer were both materially oversubscribed. Recognising the importance of our retail shareholders, I’m pleased to say we have satisfied the PrimaryBid subscription in full. On behalf of the Board, I would like to thank our existing and new shareholders for their support.
The urban logistics sector continues to benefit from long term structural momentum created by the growth in e-commerce. This significant injection of capital will enable the Company to continue its growth and capture a pipeline of attractive assets. We look forward to updating shareholders further on these acquisitions in due course.”
About Urban Logistics REIT plc
Urban Logistics REIT plc invests in UK-based logistics properties with the objective of generating attractive dividends and capital returns for its shareholders. Its investment strategy focuses on strategically located smaller single let logistics properties servicing high-quality tenants. Investment returns will be generated by an experienced management team focusing on quality stock selection and active asset management.
Market Cap: £419.55 million*
Website: Click here
*As at 13/07/2021
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