22nd Mar 2016 08:09
LONDON (Alliance News) - UK Commercial Property Trust Ltd on Tuesday said it has completed the letting of the fifth floor of Eldon House in London to recruitment firm Proclinical.
The commercial property investment firm said Proclinical has signed a five-year lease for the 5,115 square feet space at GBP52.00 per square foot.
UK Commercial Property Trust acquired Eldon House in August 2015 for GBP27.5 million, in an off-market transaction. This represented a net initial yield of 4.6% and an equivalent yield of 5.5%.
"We acquired Eldon House with the strong view that the building offered great potential to improve the rental income, given its proximity to the nearby Crossrail development, and this letting is an endorsement of that," said Fund Manager Will Fulton.
Shares in UK Commercial Property Trust were up 1.1% at 84.00 pence on Tuesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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