Urban Logistics REIT (“ULR”) has announced it has acquired a further £90m assets – at a 4.5% blended net initial yield – across five properties, four of which are currently let and income-producing. The five new assets include a significant warehouse of 97k sqft in West London with attractive reversion potential. We leave forecasts unchanged and note ULR currently trades at an 18% discount to FY23E EPRA NAV, which in our view fails to reflect the value and potential inherent in the current portfolio. This is complemented by attractive dividend yields of 4.4% going to 5.9% over our forecast period as further capital is deployed.