Net Asset Value(s)

6 May 2015

        UK Commercial Property Trust Limited ("UKCPT" or "the Company")        

                       Net Asset Value at 31 March 2015                        

UK Commercial Property Trust Limited (LSE: UKCM), the largest Guernsey based,
UK focused, London listed commercial property investment company, announces its
unaudited quarterly Net Asset Value ("NAV") as at 31 March 2015.

Net Asset Value ("NAV")

The unaudited NAV per share as at 31 March 2015 was 84.1 pence*, representing an
increase of 1.3% on the audited NAV per share of 83.0 pence as at 31 December
2014and a total return of 2.4% in the quarter. The portfolio increased by 1.2%
in the quarter on a like for like basis. This compares to an IPD balanced
monthly index funds capital movement of 1.6% over the same period.

Analysis of Movement in NAV

The following tables provide an analysis of the movement in the unaudited NAV
per share for the period from 1 January 2015 to 31 March 2015 and a sector
analysis as at 31 March 2015:

UK Commercial Property Trust        Per Share  Attributable                    
Limited                                   (p)   Assets (£m)                    
                                                                               
Net assets as at 1 January 2015          83.0       1,078.9                    
                                                                               
Unrealised increase in valuation of       1.2          14.3 1.2% like for like 
property portfolio                                          increase in        
                                                            property valuation 
                                                                               
Capital expenditure during the          (0.1)         (0.5) Relates to costs   
period                                                      incurred on Q1     
                                                            sales and asset    
                                                            management         
                                                            initiatives at The 
                                                            Parade, Swindon    
                                                                               
Income earned for the period              1.4          17.6 Equates to dividend
                                                            cover of 96%.      
                                                            Significant cash   
Expenses for the period                 (0.5)         (6.1) resources still to 
                                                            invest as detailed 
                                                            below.             
Dividend paid on 27 February 2015       (0.9)        (12.0)                    
                                                                               
                                                                               
Interest rate swaps mark to market      (0.0)           0.3 Marginal movements 
revaluation                                                 in interest rate   
                                                            expectations.      
                                                                               
Net assets as at 31 March 2015           84.1       1,092.5                    


Sector Analysis

                      Portfolio  Exposure as    Capital       Capital Value    
                     Value as at  at 31 Mar   Value Shift         Shift        
                     31 Mar 2015    2015                                           
                        (£m)         (%)          (%)              (£m)        
                                                                               
Valuation as at 31                                                1,272.3      
December 2014                                                                  
                                                                               
                                                                               
                                                                               
Retail                  537.2         43.4         0.2              1.3        
                                                                               
High St - South East                  9.6          0.1              0.1        
                                                                               
High St- Rest of UK                   2.2          0.8              0.2        
                                                                               
Shopping Centres                      8.9          0.4              0.4        
                                                                               
Retail Warehouse                      22.7         0.2              0.6        
                                                                               
                                                                               
                                                                               
Offices                 268.3         21.6         2.2              5.9        
                                                                               
London - West End                     11.3         1.6              2.2        
                                                                               
South East                            1.7          0.0              0.0        
                                                                               
Rest of UK                            8.6          3.6              3.7        
                                                                               
                                                                               
                                                                               
Industrial              339.2         27.4         2.1              6.9        
                                                                               
South East                            16.9         2.1              4.2        
                                                                               
Rest of UK                            10.5         2.1              2.7        
                                                                               
                                                                               
                                                                               
Leisure/Other            92.5         7.5          0.2              0.2        
                                                                               
                                                                               
                                                                               
Purchase of Car Park     1.8          0.1          0.0              1.8        
at Regent Circus,                                                              
Swindon                                                                        
                                                                               
                                                                               
                                                                               
Sale of Pall Mall                                                  -19.5       
Court, Manchester                                                              
                                                                               
                                                                               
                                                                               
Sale of The                                                        -29.9       
Sovereign Centre,                                                              
Weston-super-Mare                                                              
                                                                               
                                                                               
                                                                               
External valuation     1,239.0       100.0         1.2            1,239.0      
at 31 Mar 15                                                                   

*The NAV per share is calculated under International Financial Reporting
Standards ("IFRS") and is unaudited. It is based on the external valuation of
the Company's direct property portfolio prepared by CBRE Limited. It includes
all current period income and is calculated after the deduction of all
dividends paid prior to 31 March 2015. It does not include provision for any
unpaid dividends relating to periods prior to 31 March 2015, i.e. the proposed
dividend for the period to 31 March 2015.

The NAV per share at 31 March 2015 is based on 1,299,412,465 shares of 25p each,
being the total number of shares in issue at that time.

The EPRA NAV per share (excluding swap liabilities) is 84.7p (Dec 2014 - 83.7p).

Portfolio

Sales

As previously reported in February, the Company completed the sale of The Pall
Mall Court office building in Manchester for £19.5million and The Sovereign
Shopping Centre, Weston-super-Mare for £29.9million. Both sales allowed the
Company to crystallise valuation uplifts from recent asset management activity
and reduce exposure to both the regional office and retail sectors, in line
with strategy, while achieving an overall sale price ahead of valuation.

Purchases

On 6 February, with all relevant conditions satisfied, the Company completed a
further stage payment of £1.8million for the purchase of the car park at Regent
Circus, Swindon, which is let at an annual rent of £120,000. One further
payment of £2.7million remains to be paid on completion of the letting of
restaurant units 7/8.

Voids

The Company's void position as at 31 March was 3.2%, compared to 2.6% in
December 2014. This rise was predominantly due to positive asset management
activity which should lead to improved income and value in the future. Allowing
for tenant failures through administrations, the void rate could increase to
3.9%. However, it should be highlighted that administrations do not always
equate to a loss in income or value and both figures remain comfortably below
the IPD benchmark void rate of 6.8%.

Gearing& Cash

Following the debt refinancing detailed below, the blended rate of interest
across all the Group's debt facilities, assuming the revolving credit facility
("RCF") remains unutilised, is an attractive 2.89% with gross gearing of 18.6%*
(net gearing - 10.5%**) and an average debt maturity of 7.8 years. The Company
now has cash of approximately £120 million available for reinvestment through
acquisitions and tactical asset management initiatives, in line with the
Company's portfolio strategy.

On 8 April the Company announced it had taken out a 12 year, £100million loan
from Cornerstone Real Estate Advisers Europe LLP, a member of the MassMutual
Financial Group. This loan has a fixed interest rate of 3.03% and was used to
repay the £80 million Lloyds facility and associated swaps, all of which were
due to expire in June 2015.

The Company also announced in April it had taken out a £50 million RCF for five
years with Barclays Bank which can be drawn down or repaid at any time, at a
margin of 1.5% over LIBOR. As part of this facility, Barclays agreed to reduce
the margin on the existing £150 million loan facility by 0.2% to 1.5% over
LIBOR and extend the term of the loan to April 2020 from May 2018. The Company
also repaid the existing swaps and took out a new swap to match the extended
maturity on this loan.

The debt transactions above are not reflected in the 31 March 2015 NAV as they
completed in April. The effect of these transactions on the 31 March NAV would
be minimal.

*Gross gearing - borrowings excluding swaps divided by total assets less
current liabilities

**Net gearing - borrowings excluding swaps less cash divided by total assets
less current liabilities and cash

For further information please contact:

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

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

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

The above information is unaudited and has been calculated by Standard Life
Investments Limited.