9th Sep 2020 09:26
(Alliance News) - UK Commercial Property REIT Ltd said Wednesday it has fully let its logistics unit at Magna Park in Lutterworth, Leicestershire to pan-European distribution firm Armstrong Logistics.
Armstrong Logistics is an approved logistics partner to German-based supermarket chain Aldi.
Armstrong has signed a 15.5 year lease with open market rent reviews at GBP6.50 per square feet, which is expected to add GBP2.5 million in annualised income to the FTSE 250 property investor's rent roll.
The logistics unit, known as XDOCK377, is 377,070 square feet, with other occupiers including Asda Stores Ltd, Eddie Stobart Logistics PLC and Wayfair.
The letting has allowed the trust to reduce its void by 35%. A void period is when a property is unoccupied with no rental income coming from it.
"This is a highly significant letting for UKCM in that it reduces the company's void rate by some 35% and will deliver reliable long term income to our investors from a highly reputable counter party that is the key logistics partner to one of Europe's most prolific retail success stories," said Lead Manager Will Fulton.
Shares in UK Commercial Property were up 0.4% at 69.90 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
UKCM.L