Urban Logistics REIT PLC Update from QuotedData
17 Mai 2023 - 3:36PM
RNS Non-Regulatory
TIDMSHED
Urban Logistics REIT PLC
17 May 2023
Urban Logistics REIT- Update from QuotedData
17(th) May 2023
Fundamentals strong as market stabilises
The industrial and logistics sector suffered its largest fall in
value on record in the second half of 2022, even eclipsing that of
the global financial crisis, as investment yields moved out rapidly
to keep pace with interest rates. The fall in Urban Logistics
REIT's (SHED's) share price was even faster, putting it on a wide
discount to net asset value (NAV). However, evidence that values
have bottomed out is building, with MSCI's quarterly UK property
index reporting uplifts in March for the first time in months.
Whilst SHED has yet to announce its end of March NAV (due in June),
its current discount to NAV of 27.6% seems very attractive.
This is especially the case given that the fundamentals
supporting rental growth in the last mile, urban logistics
sub-sector remain strong. Demand for space, specifically from
third-party logistics (3PL) operators (which make up a large
portion of SHED's tenant base), is robust (see page 6), while
supply constraints remain.
A fifth of the company's leases are either expiring or have a
rent review by September 2023, presenting SHED with the near-term
opportunity to capture the compelling rental growth still evident
in the sector.
Full Research:
https://quoteddata.com/research/urban-logistics-reit-fundamentals-strong-market-stabilises-qd/
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