Urban Logistics REIT plc
PCILF
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- Urban Logistics REIT plc (LON: SHED; OTC: PCILF) is a United Kingdom-based real estate investment trust (REIT) specializing in the acquisition, active management, and investment in multi-let and single-let industrial and logistics properties, with a focus on 'last mile' and 'last touch' urban logistics assets up to 200,000 square feet; the portfolio includes mid-sized warehouses let to institutional-grade tenants distributing essential goods, such as Amazon, XPO Logistics, DHL, Evri (Hermes), DPD, Boots, Unipart, Royal Mail, and J Sainsbury Plc; properties feature strong income generation through upward-only rent reviews, reversionary yield capture via lease extensions and rental uplifts, and asset enhancements across the property cycle, with a portfolio of approximately 130-133 assets valued at £1.1 billion-£1.14 billion encompassing 9.7 million square feet as of late 2024. The company targets high-demand, supply-constrained markets in the UK industrial and logistics sectors, operating geographically across regions including the Midlands, Southeast, Northeast, Northwest, Southwest, and Scotland, serving e-commerce, retail distribution, and essential goods logistics customers. Founded in April 2016 as Pacific Industrial & Logistics REIT plc and renamed Urban Logistics REIT plc in March 2018, it was headquartered in Leeds at Central Square, 29 Wellington Street, before relocating to London upon acquisition. In a major strategic development, LondonMetric Property Plc completed its acquisition of Urban Logistics REIT plc in June 2025 for approximately £674 million-£699 million in a cash-and-share deal valuing shares at 150.3 pence, positioning Urban Logistics as a subsidiary within LondonMetric's expanded £7.3 billion portfolio focused on urban logistics and triple-net leased assets; this followed portfolio growth initiatives including the September 2024 acquisition of four assets for £42.2 million using debt refinancing proceeds, ongoing asset recycling of £25 million-£50 million from core holdings into higher-return opportunities, and maintenance of FTSE 250 status through consistent capital recycling, rental growth, and off-market sourcing of strategically located properties.