Completion of Group Refinancing

UK COMMERCIAL PROPERTY TRUST LIMITED

("UKCPT" or the "Company")

8 APRIL 2015

COMPLETION OF GROUP REFINANCING

Further to the announcements made by the Company on 31 March and 2 April 2015,
the Board is pleased to announce that earlier today UK Commercial Property
Finance Holdings Limited (a wholly owned subsidiary of the Company) drew down
in full the £100 million available under the 12 year, fixed rate, term loan
facility agreement with Cornerstone Real Estate Advisers Europe LLP, a member
of the MassMutual Financial Group (the "New Facility").

As previously announced, the New Facility was provided to the Group for the
purpose of refinancing the £80 million term loan facility provided by Lloyds
Bank plc, which was due for repayment on 19 June 2015 (the "Lloyds Facility").
The balance of the New Facility will be used for working capital purposes.

In addition,UK Commercial Property Estates Holdings Limited(another wholly
owned subsidiary of the Company) has now entered into an amended facility
agreement with Barclaysin relation to the extension of the term of the Existing
Barclays Facility to 2020 (the "Extended Barclays Facility") and the provision
of a five year additional revolving credit facility of up to £50 million (the
"Barclays Revolving Credit Facility"). There are no plans to drawdown on the
Barclays Revolving Credit Facility at the current time;it is to be available
for general purposes and may be utilised to fund the acquisition of assets
anywhere in the Group.

The Extended Barclays Facility and the Barclays Revolving Credit Facility have
been entered into on the terms set out in the circular sent to shareholders on
5 March 2015 (the "Circular"). The interest payable on the Extended Barclays
Facility will be at the rate of 1.5 per cent. per annum over LIBOR.

The Group has also terminated its existing interest rate hedging arrangements
entered into in connection with the Lloyds Facility and terminated and replaced
its existing interest rate hedging arrangements with Barclays. The cost of
terminating these hedge positions was £8.06 million,all of which was fully
reflected in the 31 December 2014 NAV.

Following the refinancing and the related hedging transactions, the Group has
borrowings of £300 million available, of which £250 million has been drawn
down. The Group's total current borrowings of £250 million represent 18.7 per
cent. of the Group's total assets as at 31 December 2014 (adjusted for the
balance of the New Facility). The weighted average interest rate on the Group's
total current borrowings is now 2.89per cent per annum. compared to 3.85 per
cent per annum.as at 31 December 2014 and the weighted average debt maturity
has been extended by 5.6 years to 7.8 years.

Definitions

Terms used and not defined in this announcement have the meanings given in the
Circular.

Christopher Hill, Chairman of the Company, commented:

"The new and extended facilities, which have been secured at exceptionally
attractive interest rates, will deliver a significant contribution to UKCPT's
ongoing objective to provide shareholders with an attractive level of income
from a diversified commercial property portfolio with the potential for capital
and income growth over the long term. 

"Following the steps taken by management to reposition the portfolio, this
refinancing will enable the team to invest further in prime, institutional
grade assets and undertake tactical asset management that will support the
continued success of the Company over the coming years. 

"We also look forward to developing our new relationship with Cornerstone and
the continued relationship with Barclays Bank."

For further information please contact:

Robert Boag/Will Fulton/Graeme McDonald, Standard Life Investments
Tel: [phone] 245 2799/0131 245 3151

Edward Gibson-Watt /Oliver Kenyon, J.P. Morgan Cazenove
Tel: [phone]

Richard Sunderland /Claire Turvey/Clare Glynn, FTI Consulting
Tel: [phone]