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Balanced Commercial Property Trust sells biggest office space holding

14th Feb 2024 09:20

(Alliance News) - Balanced Commercial Property Trust Ltd on Wednesday said it has agreed to sell its largest office property, as it seeks to rebalance its portfolio away from office space.

The investor in UK commercial property agreed to sell the Leonardo Building in Crawley, southern England, for GBP26.1 million, a 6.1% discount to its independent valuation in December. BCPT didn't name the buyer.

The 110,000 square foot office building is in an out-of-town business park in the Manor Royal business district. It is near to Gatwick Airport and will be occupied entirely by airline Virgin Atlantic until 2032.

The sale will reduce BCPT's exposure to what it called the "challenged UK offices sector" to 22.2% from 24.4%. It said it is in active discussions with several potential buyers for further office property disposals.

"Throughout 2024, we will continue to re-balance our portfolio towards targeted growth sectors with resilient occupier markets, primarily select sub-markets within industrial & logistics and operational alternatives," explained fund manager Richard Kirby of CT Real Estate Partners LLP.

BCPT shares were up 1.4% at 79.56 pence on Wednesday morning in London.

By Tom Waite, Alliance News editor

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