10th Sep 2020 10:32
(Alliance News) - UK Commercial Property REIT Ltd on Thursday said it has exchanged contracts for the sale of Great Lodge Retail Park in Tunbridge Wells, England, to M7 Real Estate for GBP46.3 million, less rent guarantee deductions.
The FTSE 250-listed commercial property company said the sale price after deductions was at the June valuation. The sale is a continuation of UK Commercial Property REIT'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% retail assets with no shopping centre exposure, it 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," said Will Fulton, lead manager of UK Commercial Property REIT at Aberdeen Standard Investments.
UK Commercial Property REIT shares were trading 1.3% lower in London on Thursday at 67.00 pence each.
By Evelina Grecenko; [email protected]
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