Result of AGM & Amendment to IMA

RNS Number : 8986T

Urban Logistics REIT PLC

06 July 2018

 

Urban Logistics REIT plc

("Urban Logistics" or "the "Company")

Results of Annual General Meeting

Amendment to Investment Management Agreement

The board of directors of Urban Logistics (AIM: SHED), the specialist UK logistics REIT, is pleased to announce that at the annual general meeting of the Company held earlier today all resolutions were duly passed.

The Company also announces the amendment and restatement of the investment management agreement ("IMA") between the Company and the Company's alternative investment fund manager, Pacific Capital Partners Limited ("PCP"), a member of the Pacific Group.

Previously, the IMA could be terminated by the Company or PCP giving 12 months' notice, such notice not to be given earlier than the fourth anniversary of Admission. The Board has agreed that such notice shall now not be given earlier than 17 April 2023.  All other key terms of the IMA remain unchanged.

The independent directors, Nigel Rich, Jonathan Gray and Bruce Anderson, consider, having consulted with the Company's Nominated Adviser, the amendment to the IMA to be fair and reasonable and in the best interests of all shareholders since it provides security of tenure and allows further investment in the systems and wider team at PCP who provide services under the IMA.

For further information contact: 

Urban Logistics REIT plc Richard Moffitt	[phone]
Montfort - Financial PR and IR adviser Olly Scott	[phone]
Canaccord Genuity - Nominated Adviser, Joint Financial Adviser and Sole Bookrunner Simon Bridges Andrew Buchanan	[phone]

About Urban Logistics REIT

Urban Logistics REIT plc is a property investment company, quoted on the AIM market of the London Stock Exchange, (AIM: SHED).

The Company has been established to invest in UK based industrial and 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 industrial and 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.

A number of structural and commercial factors currently support the attractive opportunity in the last mile/regional industrial and logistics real estate sub-sectors targeted by the Company, including: strong occupier demand (driven by the growth of e-commerce and investment by retailers in their associated supply chain) and a decline in the supply of lettable space in industrial and logistics real estate across the UK (being more than one third lower than the most recent peak of 2009).

 

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