Acquisition

RNS Number : 4062J

UK Commercial Property Trust Ltd

30 March 2010

 

UK COMMERCIAL PROPERTY TRUST LIMITED

ACQUISITION OF JUNCTION 27 RETAIL PARK IN LEEDS

UK Commercial Property Trust Limited ("UKCPT") is pleased to announce the purchase of Junction 27 Retail Park, Leeds from Henderson Global Investors for £56.63 million.

Junction 27 Retail Park is a bulky goods retail park totalling 122,376 square feet and comprising of 8 units and 540 car parking spaces. Originally developed in 1999, the Park's key anchor tenants include DSG Retail t/a Currys, Comet Group Plc, Homestyle t/a Harveys, CSL Lounge Suites Ltd t/a CSL, Furniture Village Plc, Barker & Stonehouse Ltd, A Share and Sons t/a SCS and TGI Fridays Ltd.

The current gross annual rent receivable in respect of the properties is approximately £3.7 million per annum. The purchase price reflects a net initial yield of 6.15%.

This is the second significant purchase made by UKCPT in recent weeks, having recently announced the purchase of three shopping centres in Shrewsbury for a purchase price of £61m. Earlier this year, UKCPT raised gross proceeds of approximately £150 million through a placing and offer for subscription to fund new acquisitions. As a consequence of the capital raise, the assets under management of UKCPT have grown to approximately £920 million.

All enquiries:

Robert Boag, Ignis Investment Services Limited

Tel: [phone]

 

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