24th Oct 2018 08:12
LONDON (Alliance News) - UK Commercial Property REIT Ltd said on Wednesday it has sold retail asset, 16-20 High Street in Exeter to an unnamed UK pension fund for GBP23.5 million.
The price is in line with book value, the real estate investment trust said, reflecting a net initial yield of 4.75%. The property houses clothing store H&M and a Barclays Bank branch.
"This sale has been achieved within a short period of our GBP24.6 million acquisition of M8 Industrial Estate in Glasgow, where we identified an opportunity to invest in a high quality asset at an attractive net initial yield of 5.9%, a significant discount to edge-of city industrial yields in many other major cities and where we see an opportunity to grow the existing income and create value through active asset management," said Will Fulton, lead manager of UKCM's adviser Aberdeen Standard Investments.
Shares in UK Commercial Property were down 0.4% at 85.80 pence on Wednesday.
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