Industrial real estate investment trust Pacific Industrial & Logistics REIT PLC is now looking to gross £20 million from a placement of ordinary shares, down from its previous target of £50 million.

In a release, the company said the decision was taken in light of prevailing market conditions.

The proceeds raised will be used to partially finance the company's £73.6 million purchase of a pipeline of 16 U.K. urban logistics properties.

Pacific Industrial also said it agreed to sell a property at 16 Hudson Road for approximately £3.2 million, representing a capital profit of £1.2 million over its investment of £900,000.

It was previously reported that with the admission of the new shares on the AIM market of the London Stock Exchange, the company would rebrand itself Urban Logistics REIT PLC and begin trading under the SHED ticker symbol.