Urban Logistics REIT (“ULR”) has announced it has acquired a further £72m assets – at a 4.6% blended yield – since the last update in February. £140m capital has been deployed since the £250m December equity raise, maintaining the expected pace of investment. The 4 new assets include ULR’s first Central London investment in Battersea. We leave forecasts unchanged: noting only a modest 5% premium to FY22e EPRA NAV, attractive given embedded rental reversion opportunity, and a 4% dividend yield growing to 5%+ on full capital deployment.