4th Jan 2016 07:29
LONDON (Alliance News) - UK Commercial Property Trust Ltd on Monday said it has struck deals to acquire properties in Newcastle and Glasgow for a total of GBP50.8 million.
The FTSE 250-listed commercial property investor will pay GBP21.6 million to acquire the Central Square office building in Newcastle from Parabola Estates, at a net initial yield of 6.4%. The property is multi-let to a range of corporate tenants and generates GBP1.5 million a year in passing rent.
The company has also acquired a leisure scheme in Glasgow for GBP29.2 million in an off-market transaction. The property is located in the city centre and anchored by a 100,000 square foot Cineworld cinema, along with further leisure space. It currently generates GBP1.7 million a year in rent.
By Sam Unsted; [email protected]; @SamUAtAlliance
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