RCS - UK Comm Prop REIT Ld - UKCM completes £30m sale of Motor Park, Portsmouth

UK Commercial Property REITAnnouncement

09/03/2020 07:00

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RNS Number : 3420F  UK Commercial Property REIT Ltd  09 March 2020

 

 

UK Commercial Property REIT Limited

 

UKCM completes £30 million sale of Motor Park in Portsmouth

 

9 March 2020:  UK Commercial Property REIT Limited ("UKCM" or the "Company"),
which is managed and advised by Aberdeen Standard Investments* and owns a
diversified portfolio of high quality income-producing UK commercial property,
announces that it has sold Motor Park in Portsmouth, a multi-use asset
predominantly comprising of seven car showrooms, to Glasgow City Council for
£29.8 million.  The sale price represents a 3% discount to the December 2019
valuation and provides UKCM with additional capital to invest in markets with
strong underlying fundamentals, including alternatives.

 

UKCM has undertaken a programme of active asset management, increasing the
weighted unexpired lease length at the asset with new leases to Snows Business
Holdings, which operates BMW, Mini and SEAT franchises, and Harwoods, which
operates the Audi franchise, signed last year.

 

UKCM also recently completed its £18.1 million sale of Broadbridge Retail
Park in Horsham, in line with the September and December valuations, following
the exercise of an option by Delancey and Tritax which had been agreed in
November 2019.

 

Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said:
"Through our successful asset management activity we were able to increase the
average unexpired lease length at Motor Park and enhance its value, which we
have crystallised for our investors with this sale. These disposals also give
us additional firepower to reinvest into attractive, income accretive assets,
for example in the alternatives sector, where we see longer term opportunity
to deliver reliable returns."

 

ENDS

 

For further information please contact:

Richard Sunderland / Claire Turvey / Eve Kirmatzis / Andrew Davis, FTI
Consulting

Tel: 020 3727 1000

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

 

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 £1,378bn (as at 31 December 2019)
diversified portfolio of high-quality, income producing UK commercial property
generating contracted annual rental income of £71.3 million (Interim Report
& Accounts for the half year ended 30 June 2019). 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 Standard Life Investments (Corporate
Funds) Limited (the Company's appointed AIFM). Will Fulton, a qualified
Chartered Surveyor with 30 years of experience in the industry, has been Lead
Manager since April 2015. Investors should refer to the Key Information
Document prior to making an investment decision.

 

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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