UKCM fully lets Ventura Park M25 industrial estate
UK Commercial Property REIT Limited
UKCM fully lets its M25 Ventura Park industrial estate reducing total portfolio void rate by over a third
6 April 2021: UK Commercial Property REIT Limited ("UKCM" or the "Company") (FTSE 250, LSE: UKCM), 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 now fully let the Ventura Park industrial estate in Radlett, Hertfordshire, having signed five new leases for c.230,000 sq ft of space across five office and warehouse units. As a result, UKCM's total portfolio vacancy has been reduced by over a third to 4.1%1.
The new leases, which have been signed with both existing and new occupiers, secure £2.5 million of rent per annum, 4.4% ahead of ERV.
113,000 sq ft of space has been leased to new tenants Planners Services & Sundries (10 years), Stand & Deliver (10 years) and GL Events (5 years), while an existing global occupier has extended its footprint by leasing an additional 117,000 sq ft of space across two units (2 years).
Ventura Park, a 35 acre multi-let industrial estate, comprises 589,302 sq ft of storage and logistics space across 13 industrial units and is let to a range of tenants. Situated in Radlett, it is located close to the M25 between the M1 and A1(M) junctions which provide a quick connection to London and the wider UK.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said : "These latest leases at Radlett are a very encouraging translation of the short supply of edge-of-London industrial space into leases and rent, fully letting the asset and reducing the Company's total portfolio void by over a third to 4.1%1. Furthermore, the leases were agreed at a 4.4% premium to ERV underlining the appeal of this industrial estate and its excellent location."
ENDS
1 Based on occupancy as of 31st December 2020.
For further information please contact:
Richard Sunderland / Claire Turvey / Emily Smart / Andrew Davis, FTI Consulting
Tel: 020 3727 1000
Email: 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 £1.21 billion (as at 31 December 2020) 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 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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