UKCM sells Tunbridge Wells retail park for £46.25m
UK Commercial Property REIT Limited
UKCM exchanges on £46.25 million sale of Great Lodge Retail Park in Tunbridge Wells
10 September 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 exchanged contracts for the sale of Great Lodge Retail Park in Tunbridge Wells, to M7 Real Estate for £46.25 million less rent guarantee deductions.
The sale price (after deductions) was at the June valuation and is a continuation of UKCM's strategy to reduce its retail exposure and secure additional capital to invest in sectors with strong underlying fundamentals. The Company's portfolio now comprises only 16.3% retail assets with no shopping centre exposure.
UKCM has undertaken a programme of active asset management at the retail park, agreeing new leases to ALDI and Starbucks. Other tenants include B&Q, DFS and Curry's.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said : "This latest disposal aligns with our long-term strategy to reduce our exposure to the retail sector. Having completed our asset management programme with lettings to ALDI and Starbucks, we have been able to enhance its value and this sale now provides us with extra firepower to invest in attractive, income producing assets in sectors that are resilient to long term market trends."
ENDS
For further information please contact:
Richard Sunderland / Claire Turvey / Eve Kirmatzis / 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 £1.219bn (as at 30 June 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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