1st Mar 2019 08:24
LONDON (Alliance News) - UK Commercial Property REIT Ltd on Friday said it fully pre-let a distribution centre in London to an unnamed international business.
The company managed to pre-let the property, located in Wembley, north west London, ahead of the current tenant move out date at the end of March.
The property has been let on a 10-year index-linked lease with no breaks at GBP2.7 million per year.
The new occupier is expected to move into the building in October 2019.
"This major pre letting to an international business is a significant transaction for UK Commercial Property REIT. It allows us to secure a long term index linked income stream from a very strong tenant covenant, whilst at the same time capturing the site's higher rent potential," Lead Manager Will Fulton said.
Shares in the FTSE 250 real estate investment trust were trading down 0.2% at 85.89 pence each.
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