- Urban Logistics Reit
- 07 March 2025 08:51:22
Source: Sharecast
In December 2024, Urban Logistics commenced detailed discussions with Logistics Asset Management regarding a potential internalisation of its management arrangements.
As a result of these discussions, Urban Logistics said on Friday that it has now agreed to appoint Richard Moffitt as chief executive, while Justin Upton and Jamie Waldegrave will join the board as chief investment and chief financial officers, respectively.
Urban Logistics stated the initial consideration for the internalisation was £6.8m, payable in Urban Logistics shares upon completion. Additionally, there was a contingent consideration of up to £5.6m, subject to the company's share price performance by the first anniversary of the completion.
The London-listed group expects the internalisation to reduce annual operating costs by roughly £1.4m and enhance EPRA earnings.
As of 0850 GMT, Urban Logistics shares were down 0.91% at 114.95p.
Reporting by Iain Gilbert at Sharecast.com