Urban Logistics (SHED): (Initiation of coverage...

Hardman & Co Research Hardman & Co Research: Urban Logistics (SHED): (Initiation of coverage) Plenty of future growth stored up 28-May-2019 / 14:30 GMT/BST Hardman & Co Research: Plenty of future growth stored up Urban Logistics (SHED) results (24 May) were robust. Prospects for continuing value-adding investment and capital recycling are clear and strong. SHED owns "mid-box", "last mile" distribution warehouses. Just as important is that this asset class is clearly placed to benefit consistently from engrained market trends in logistic requirements. SHED's marketplace is broader than the rising demand for logistics space from online (or multichannel) retail. But, this driver alone sustains strong demand. Supply is strictly constrained by the dominant trend ‒ that the cost of new-build is generally above the current valuations placed on assets in SHED's category (last-mile logistics). Please click here for the full report: https://www.hardmanandco.com/research/corporate-research/plenty-of-future-growth-stored-up/ To contact us: Hardman & Co 35 New Broad Street London EC2M 1NH www.hardmanandco.com Follow us on Twitter @HardmanandCo Contact: Mike Foster [phone] [e-mail]   Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement. About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case. Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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816711  28-May-2019