9th Mar 2020 08:53
(Alliance News) - UK Commercial Property REIT Ltd said Monday it has sold Motor Park in Portsmouth to Glasgow City Council for GBP29.8 million.
The asset is multi-use, and comprises of seven car showrooms. The sale price reflects a 3% discount to the valuation in December.
In addition, the FTSE 250 property investor said it had recently completed the sale of Broadbridge Retail Park in Horsham for GBP18.1 million, in line with its valuation in December.
"Through our successful asset management activity we were able to increase the average unexpired lease length at Motor Park and enhance its value, which we have crystallised for our investors with this sale. These disposals also give us additional firepower to reinvest into attractive, income accretive assets, for example in the alternatives sector, where we see longer term opportunity to deliver reliable returns," said Will Fulton, lead manager of UKCM at Aberdeen Standard Investments.
Shares in UK Commercial Property REIT were down 4.7% at 75.77 pence on Monday in London.
By Dayo Laniyan; [email protected]
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