25 April 2022

Urban Logistics REIT plc

("Urban Logistics" or the "Company")

Acquisitions and asset management update

Further £45m deployed with significant asset management potential

Urban Logistics (LON: SHED), the last mile logistics focused REIT, is pleased to announce an update for the period from 1^st October 2021 to 31^st March 2022. The Company will report its annual results on 23^rd June 2022.

Highlights:

·    Deployment of a further £45 million of capital at a blended NIY of 6.7% since the announcement of 28^th March 2022

·    Total deployment since the December 2021 fundraise now stands at £184 million, at a blended NIY of 5.4%

·    5 new lettings, 3 rent reviews and 2 lease regears agreed in the period, covering 630,000 sq. ft. of space

·    Rent reviews and regears settled at a blended 13% increase over passing rent

Richard Moffitt, Chief Executive, commented:

"Our portfolio continues to grow at a substantial pace, having completed 14 transactions since our December 2021 equity raise. As we look ahead, we are optimistic that we can continue to source attractive value accretive acquisitions that are strategically positioned in current and emerging logistics hubs.

With these latest acquisitions, our blended NIY on all completed transactions since our fund raise in December 2021 is 5.4%, exactly as targeted during the raise.

East  Midlands Logistics Hub (EMLH) near Melton Mowbray sits very well with some of our recent acquisitions, as it provides balance to our portfolio in terms of long income and short term asset management opportunity and we are already talking to occupiers about letting the campus location for fast moving consumer goods. We look forward to completing further acquisitions in the coming weeks and months and are on track to be fully-deployed on a geared basis by the end of June."

Acquisitions:

East Midlands Logistics Hub

·    £40.7 million logistics asset acquired at a NIY of 6.8%, with strong reversionary potential and immediate asset management opportunities

·    The property consists of a 72 acre site with four high quality units, substantial yard space and land with the potential for a further 175,000 sq. ft. of development

·    Located close to the A1 and A46/M1, it will benefit from planned local infrastructure improvements

·    Three large units totalling 665,527 sq. ft. let to Asfordby Storage and Haulage on a short term lease, with remaining unit (6,773 sq. ft.) let to Royal Mail

Lincoln

·    £4.2 million logistics asset on Outer Circle Road, Lincoln, acquired at a NIY of 5.8%

·    The property consists of a 25,924 sq. ft. unit on a 2 acre site

·    Let to Wickes Building Supplies Limited for a term of 10 years

Notable lease events in the period:

·    An agreement for lease has been signed with Master Removers Ltd for 120,218 sq. ft. of space in a new development in Golborne, Warrington. The building is a new brownfield development, and is expected to complete in October 2022. The lease is at £7.75 psf for a term of 15 years

·    A rent review has been settled with DHL Supply Chain on a unit of 31,410 sq. ft. in Norwich. The rent has been agreed at £181,250, representing a 29% increase from the previous level

·    A lease with the Unipart Group on a 122,478 sq. ft. asset in Runcorn, resulting in a new rent of £693,500, representing a 20% increase from the previous level

- Ends -

About Urban Logistics REIT

Urban Logistics REIT plc (LON: SHED) is a FTSE 250 property investment company. The Company is the only London-listed REIT to focus on specialist last mile / last touch logistics assets, with a tenant base which delivers essential goods within the UK. The Company's strategy is to invest in mid-sized logistics properties with the objective of generating attractive dividends and capital returns through active asset management.

Urban Logistics' investment management team, led by Richard Moffitt and Christopher Turner, has over 50 years' experience in investing in the logistics market within the broader real estate market. The team's ability to source vital and strategically located mid-sized single let properties, with high-quality tenants, off-market at favourable terms, creates considerable value for shareholders. Tenants include Amazon, XPO, DHL, Hermes, DPD, Boots, Unipart (for NHS), Royal Mail and J Sainsbury Plc.

Buying well and pursuing additional value enhancing asset management initiatives has driven the Company's growth, enabling Urban Logistics to grow from a £10m market cap company at IPO in April 2016 to over £900m at present.