UK Commercial Property REIT Ltd UKCM sells Tunbridge Wells retail park for GBP46.25m (5424Y)
September 10 2020 - 1:00AM
UK Regulatory
TIDMUKCM
RNS Number : 5424Y
UK Commercial Property REIT Ltd
10 September 2020
UK Commercial Property REIT Limited
UKCM exchanges on GBP46.25 million sale of Great Lodge Retail
Park in Tunbridge Wells
10 September 2020: UK Commercial Property REIT Limited ("UKCM"
or the "Company"), which is managed and advised by Aberdeen
Standard Investments* and owns a diversified portfolio of high
quality income-producing UK commercial property, announces that it
has exchanged contracts for the sale of Great Lodge Retail Park in
Tunbridge Wells, to M7 Real Estate for GBP46.25 million less rent
guarantee deductions.
The sale price (after deductions) was at the June valuation and
is a continuation of UKCM's strategy to reduce its retail exposure
and secure additional capital to invest in sectors with strong
underlying fundamentals. The Company's portfolio now comprises only
16.3% retail assets with no shopping centre exposure.
UKCM has undertaken a programme of active asset management at
the retail park, agreeing new leases to ALDI and Starbucks. Other
tenants include B&Q, DFS and Curry's.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard
Investments, said : "This latest disposal aligns with our long-term
strategy to reduce our exposure to the retail sector. Having
completed our asset management programme with lettings to ALDI and
Starbucks, we have been able to enhance its value and this sale now
provides us with extra firepower to invest in attractive, income
producing assets in sectors that are resilient to long term market
trends."
ENDS
For further information please contact:
Richard Sunderland / Claire Turvey / Eve Kirmatzis / Andrew
Davis, FTI Consulting
Tel: 020 3727 1000
Email: UKCM@fticonsulting.com
Notes to Editors - UK Commercial Property REIT
UK Commercial Property REIT is a FTSE 250 Real Estate Investment
Trust listed on the London Stock Exchange. It aims to provide
shareholders with an attractive level of income together with the
potential for capital and income growth from investing in and
managing a GBP1.219bn (as at 30 June 2020) diversified portfolio.
The portfolio has a strong bias towards prime, institutional
quality properties and is diversified by location and sector across
the UK.
* The Company is managed and advised by Standard Life
Investments (Corporate Funds) Limited (the Company's appointed
AIFM). Will Fulton, a qualified Chartered Surveyor with 30 years of
experience in the industry, has been Lead Manager since April 2015.
Investors should refer to the Key Information Document prior to
making an investment decision.
Further information on the Company's investment policies, the
types of assets in which the Company may invest, the markets in
which it invests, borrowing limits as well as details of its
management, administration and depositary arrangements can be found
in the Company's Annual Report and Investor Disclosure Document.
The above documents are available on the Company's website
www.UKCPREIT.com. Paper copies of these documents are available on
request, free of charge, via the contact details outlined on the
website.
Property is a relatively illiquid asset class, the valuation of
which is a matter of opinion. There is no recognised market for
property and there can be delays in realising the value of property
assets. Investors should be aware that past performance is not a
guide to future results. The value of investments, and the income
from them, can go down as well as up, and an investor may get back
less than the amount invested.
For further information on UK Commercial Property REIT, please
visit www.UKCPREIT.com .
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END
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