RNS Number : 9656G
UK Commercial Property Trust Ltd
20 May 2011
20 May 2011
UK Commercial Property Trust Limited
("UKCPT or the "Company")
UKCPT marks entry into the leisure sector with acquisition of The Rotunda leisure scheme, Kingston upon Thames
UK Commercial Property Trust, the largest UK focused commercial property trust, managed by Ignis, announces the purchase of The Rotunda Leisure Scheme in Kingston upon Thames from Curo Property Funds for £50.7 million, reflecting an initial yield of 6.47%.
The prime, purpose built, leisure scheme, which extends over 170,000 sq ft, is fully let with an annual rent roll of £3.3m from 11 tenants including some of the top operators in the leisure sector such as Odeon (14 screen cinema), Tenpin Bowling, David Lloyd Fitness, Pizza Express and Prezzo, on unexpired lease terms averaging 16 years. Located in the heart of Kingston upon Thames, which is one of the top three retail destinations in Greater London, The Rotunda is strategically located directly opposite Kingston train station and next to the town`s main bus interchange, where it benefits from a very high pedestrian footfall with in excess of 2.5 million visitors per annum.
This acquisition has been partially funded by drawing down the remaining £37.9million available under the existing Lloyds debt facility.
Robert Boag, Senior Investment Director, Ignis, commented:
"The Rotunda is UKCPT`s first acquisition in the leisure sector which has proven to be resilient at both an occupational and investment level. The purchase of such a prime leisure scheme in an affluent London suburb, at a compelling income yield and where there is definite potential to build on the rental income through hands on asset management, is consistent with the Company`s acquisition policy and will further support the attractive dividend yield paid to shareholders."
For more information, please contact:
Ignis Investment Services Limited
Robert Boag/Graeme McDonald
0141 222 8000
Stephanie Highett/Richard Sunderland/Will Henderson
020 7831 3113
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