Disposal of multi-let office holding at 17A Curzon Street, London W1
22/07/2024 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
22 July 2024
For Immediate Release
Balanced Commercial Property Trust Limited
("BCPT" or the "Company")
Disposal of multi-let office holding at 17A Curzon Street, London W1
The Board of the BCPT is pleased to announce the sale of 17A Curzon Street,
London W1. Following completion, BCPT's portfolio exposure to the office
sector will reduce to 16.0% by capital value (based on 31 March 2024
valuations), down from 29.6% as at 30 June 2023.
The asset at 17A Curzon Street, London is a multi-let office of 10,800 sq. ft.
where a phased refurbishment strategy has set a record rental tone for the
building, thus presenting an opportune moment to crystallise the value created
from the successful delivery of the asset management plan for the holding. The
Company has exchanged an unconditional contract for the sale, with completion
due in early August 2024. The price achieved represents a relatively narrow
2.3% discount to the 31 March 2024 valuation.
BCPT has now contracted on seven office disposals since the start of December
2023. These disposals have raised aggregate sales proceeds of £129.52 million
at an average discount of 4.1% to the then-preceding valuations. Following
completion of the sales, BCPT is expected to have cash of approximately £120
million.
The Board does not currently expect to announce any further sales in the
near-term.
Richard Kirby, Fund Manager of BCPT, said:
"This latest disposal underlines not only the liquidity within the Company’s
portfolio but our ability to deliver value-accretive asset management
strategies through market cycles. The quality of the underlying assets within
the portfolio has enabled us to dispose successfully of holdings across the
office sector, including capital-heavy multi-let assets, the structurally
challenged regional business park segment and the low-yielding Central London
markets. Accordingly, we believe the portfolio is now better positioned to
deliver shareholder value."
All enquiries to:
Richard Kirby
CT Real Estate Partners
LLP
Tel: 0207 499 2244
Innes Urquhart
Winterflood Securities Limited
Tel: 0203 100 0265
Dion Di Miceli / Tom MacDonald / Stuart Muress / James Atkinson
Barclays Bank PLC
0207 623 2323
BarclaysInvestmentCompanies@barclays.com
MAR
This announcement is released by the Company and the information contained
within this announcement is deemed by the Company to constitute inside
information for the purposes of Article 7 of the UK version of the EU Market
Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, such
information is now considered to be in the public domain.
LEI Number
The Company's LEI Number is 213800A2B1H4ULF3K397.
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