RCS - UK Comm Prop REIT Ld - UKCM agrees £14.5 million sale of office building

UK Commercial Property REITAnnouncement

01/03/2024 08:00

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RNS Number : 0346F  UK Commercial Property REIT Ltd  01 March 2024

UK Commercial Property REIT Limited

 

UKCM agrees £14.5 million sale of Bristol office building to Tri7

 

1 March 2024: UK Commercial Property REIT Limited ("UKCM" or the "Company")
(FTSE 250, LSE: UKCM) announces that it has sold its 67,000 sq ft office
building in Temple Quay, Bristol, to Tri7, a value-add real estate investment
and asset management firm.

 

2 Rivergate in Temple Quay, Bristol, has been sold for £14.5 million, which
is in line with the 31 December 2023 valuation and is let for one more year to
The Secretary of State for Levelling Up, Housing & Communities until March
2025.

 

A value-add real estate investment and asset management firm, Tri7 has capital
backing to deploy up to £250 million on town and city centre regeneration
sites that offer bed-led property development opportunities.

 

Will Fulton, Fund Manager of UKCM at abrdn, said: "Although well located in
Bristol, this property is close to the end of its economic life with a short
lease left to run. Having worked on many options we believe this investment
would most benefit from a significant injection of rejuvenation capital a
process that necessitates an extended period of no income."

 

Samuel Castle, Partner at Tri7, said: "In line with our focus on town and city
centre regeneration sites, 2 Rivergate in Bristol provides a compelling
opportunity for our value-add strategy. Following soon after our purchase of
the Portswood Shopping Centre in Southampton earlier this year, we continue to
be on the acquisition trail across the country where our significant level of
dry powder coupled with our expertise in unlocking value through asset
management means we're in a position to take on complex sites and deliver
attractive returns."

 

UKCM was advised by Joiner Cummings, and Tri7 was advised by Kimmre.

 

- ENDS -

 

For further information please contact:

Richard Sunderland / Emily Smart / Andrew Davis, FTI Consulting

Tel: 020 3727 1000

Email: UKCM@fticonsulting.com (mailto:UKCM@fticonsulting.com)

 

For Tri7, please contact:

Tali Robinson / Ben Monteith / Ellie Rockey, SEC Newgate UK

+44(0)7341 131 536

Tri7@secnewgate.co.uk

 

Notes to Editors - UK Commercial Property REIT

 

UK Commercial Property REIT is a FTSE 250 Real Estate Investment Trust listed
on the London Stock Exchange. It aims to provide shareholders with an
attractive level of income together with the potential for capital and income
growth from investing in and managing a £1.25 billion (as at 31 December
2023) diversified portfolio. The portfolio has a strong bias towards prime,
institutional quality properties and is diversified by location and sector
across the UK.

 

*The Company is managed and advised by abrdn (the Company's appointed AIFM).

 

Further information on the Company's investment policies, the types of assets
in which the Company may invest, the markets in which it invests, borrowing
limits as well as details of its management, administration and depositary
arrangements can be found in the Company's Annual Report and Investor
Disclosure Document. The above documents are available on the Company's
website www.UKCPREIT.com. Paper copies of these documents are available on
request, free of charge, via the contact details outlined on the website.

 

Property is a relatively illiquid asset class, the valuation of which is a
matter of opinion. There is no recognised market for property and there can be
delays in realising the value of property assets. Investors should be aware
that past performance is not a guide to future results. The value of
investments, and the income from them, can go down as well as up, and an
investor may get back less than the amount invested.

 

For further information on UK Commercial Property REIT, please visit
www.UKCPREIT.com.

 

 

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