UK Commercial Property REIT Ltd UKCM completes GBP30m sale of Motor Park, Portsmouth
March 09 2020 - 3:00AM
RNS Non-Regulatory
TIDMUKCM
UK Commercial Property REIT Ltd
09 March 2020
UK Commercial Property REIT Limited
UKCM completes GBP30 million sale of Motor Park in
Portsmouth
9 March 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 sold
Motor Park in Portsmouth, a multi-use asset predominantly
comprising of seven car showrooms, to Glasgow City Council for
GBP29.8 million. The sale price represents a 3% discount to the
December 2019 valuation and provides UKCM with additional capital
to invest in markets with strong underlying fundamentals, including
alternatives.
UKCM has undertaken a programme of active asset management,
increasing the weighted unexpired lease length at the asset with
new leases to Snows Business Holdings, which operates BMW, Mini and
SEAT franchises, and Harwoods, which operates the Audi franchise,
signed last year.
UKCM also recently completed its GBP18.1 million sale of
Broadbridge Retail Park in Horsham, in line with the September and
December valuations, following the exercise of an option by
Delancey and Tritax which had been agreed in November 2019.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard
Investments, said : "Through our successful asset management
activity we were able to increase the average unexpired lease
length at Motor Park and enhance its value, which we have
crystallised for our investors with this sale. These disposals also
give us additional firepower to reinvest into attractive, income
accretive assets, for example in the alternatives sector, where we
see longer term opportunity to deliver reliable returns."
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 GBP1,378bn (as at 31 December 2019) diversified
portfolio of high-quality, income producing UK commercial property
generating contracted annual rental income of GBP71.3 million
(Interim Report & Accounts for the half year ended 30 June
2019). 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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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