9th Jun 2015 06:33
LONDON (Alliance News) - UK Commercial Property Trust Limited Tuesday said it has agreed to sell 176-206 Kensington High Street, London and has disposed of 134-138 North Street, Brighton in two separate transactions for a total consideration of GBP82.7 million, which is marginally ahead of their aggregate valuation as at March 31.
The assets have been deemed to be non-core to the company's ongoing strategy and the sale proceeds are to be reinvested in selective institutional grade assets with a sustainable income focus.
176-206 Kensington High Street, which comprises a 1.13 acre plot with 57,000 square feet of retail and 108 residential flats, has been sold to a private purchaser. The sale of 132-134 North Street in Brighton has completed and is part of UKCPT's move away from properties of smaller lot sizes. The property is let to Sainsbury's, Sports Direct and Poundland for an average 4.5 years unexpired term.
Copyright RTT News/dpa-AFX
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