UKCM agrees £14.5 million sale of office building

UK Commercial Property REIT Ltd

01 March 2024

 

UK Commercial Property REIT Limited

UKCM agrees £14.5 million sale of Bristol office building to Tri7

1 March 2024: UK Commercial Property REIT Limited ("UKCM" or the "Company") (FTSE 250, LSE: UKCM) announces that it has sold its 67,000 sq ft office building in Temple Quay, Bristol, to Tri7, a value-add real estate investment and asset management firm.

2 Rivergate in Temple Quay, Bristol, has been sold for £14.5 million, which is in line with the 31 December 2023 valuation and is let for one more year to The Secretary of State for Levelling Up, Housing & Communities until March 2025.

A value-add real estate investment and asset management firm, Tri7 has capital backing to deploy up to £250 million on town and city centre regeneration sites that offer bed-led property development opportunities.

Will Fulton, Fund Manager of UKCM at abrdn, said: "Although well located in Bristol, this property is close to the end of its economic life with a short lease left to run. Having worked on many options we believe this investment would most benefit from a significant injection of rejuvenation capital a process that necessitates an extended period of no income."

Samuel Castle, Partner at Tri7, said: "In line with our focus on town and city centre regeneration sites, 2 Rivergate in Bristol provides a compelling opportunity for our value-add strategy. Following soon after our purchase of the Portswood Shopping Centre in Southampton earlier this year, we continue to be on the acquisition trail across the country where our significant level of dry powder coupled with our expertise in unlocking value through asset management means we're in a position to take on complex sites and deliver attractive returns."

UKCM was advised by Joiner Cummings, and Tri7 was advised by Kimmre.

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For further information please contact:

Richard Sunderland / Emily Smart / Andrew Davis, FTI Consulting

Tel: [phone]

Email: [e-mail]

For Tri7, please contact:

Tali Robinson / Ben Monteith / Ellie Rockey, SEC Newgate UK

[phone]

[e-mail]

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 £1.25 billion (as at 31 December 2023) 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 abrdn (the Company's appointed AIFM).

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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