UK Commercial Property REIT Ltd UKCM completes disposal of Kew Retail Park (2138U)
April 01 2021 - 1:00AM
UK Regulatory
TIDMUKCM
RNS Number : 2138U
UK Commercial Property REIT Ltd
01 April 2021
UK Commercial Property REIT Limited
UKCM completes disposal of Kew Retail Park to UK Housebuilder
for GBP41 million
1 April 2021: UK Commercial Property REIT Limited ("UKCM" or the
"Company") (FTSE 250, LSE: UKCM), 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 sold its Kew Retail Park asset in London to a leading
UK housebuilder. UKCM will receive a consideration of GBP41 million
for the asset, marginally below the 31 December 2020 book
value.
Of the complete 10 acre Retail Park, UKCM owns 4.7 acres
comprising 61,765 sq ft of gross lettable area across five units
which are fully let on short leases to a range of tenants including
Boots, Sports Direct, Gap and TK Maxx.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard
Investments, said : "This disposal allows us to continue our
portfolio repositioning strategy with the sale of a low growth
retail asset via a transaction with a leading UK housebuilder. The
transaction permits us to take advantage of strong demand for
residential development opportunities and generates further capital
for us to invest into income accretive properties, particularly
modern economy assets with the potential to deliver sustainable and
growing income returns over the long term."
ENDS
For further information please contact:
Richard Sunderland / Claire Turvey / Emily Smart / 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 GBP1.21 billion (as at 31 December 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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