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Spy told you so

Manufacturing warehouse (Liam McBurney/PA) (PA Wire)
Manufacturing warehouse (Liam McBurney/PA) (PA Wire)

Urban fervour

Last week, Spy noted the recent formation of a company named Urban Logistics Bidco. Seemingly someone had forgotten the tried-and-true rule of naming bidding vehicles like Apprentice team names, and given the game away on an upcoming deal involving warehouse firm Urban Logistics.

And sure enough, a few days ago the FTSE 250 firm gatecrashed the sale of Abrdn’s Property Income Trust to the Custodian Property Income REIT with a bid of its own, which could win over shareholders who didn’t seem all that happy with the Custodian bid.

All credit to Spy, right?

Well except for one thing. Urban Logistics management continue to “categorically” deny having anything to do with Urban Logistics Bidco. They point out that the mysterious firm claims to operate in “cargo handling for land transport”, not the storage of goods. Quite the coincidence then.

Spy's happy to take the plaudits for the scoop regardless.

City Spy is back! (Evening Standard)
City Spy is back! (Evening Standard)

City Spy is back!

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