UKCM completes £30m sale of Motor Park, Portsmouth

RNS Number : 3420F

UK Commercial Property REIT Ltd

09 March 2020

 

UK Commercial Property REIT Limited

UKCM completes £30 million sale of Motor Park in Portsmouth

9 March 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 sold Motor Park in Portsmouth, a multi-use asset predominantly comprising of seven car showrooms, to Glasgow City Council for £29.8 million.  The sale price represents a 3% discount to the December 2019 valuation and provides UKCM with additional capital to invest in markets with strong underlying fundamentals, including alternatives.

UKCM has undertaken a programme of active asset management, increasing the weighted unexpired lease length at the asset with new leases to Snows Business Holdings, which operates BMW, Mini and SEAT franchises, and Harwoods, which operates the Audi franchise, signed last year.

UKCM also recently completed its £18.1 million sale of Broadbridge Retail Park in Horsham, in line with the September and December valuations, following the exercise of an option by Delancey and Tritax which had been agreed in November 2019.

Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said : "Through our successful asset management activity we were able to increase the average unexpired lease length at Motor Park and enhance its value, which we have crystallised for our investors with this sale. These disposals also give us additional firepower to reinvest into attractive, income accretive assets, for example in the alternatives sector, where we see longer term opportunity to deliver reliable returns."

ENDS

For further information please contact:

Richard Sunderland / Claire Turvey / Eve Kirmatzis / Andrew Davis, FTI Consulting   

Tel: [phone]

Email: [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 £1,378bn (as at 31 December 2019) diversified portfolio of high-quality, income producing UK commercial property generating contracted annual rental income of £71.3 million (Interim Report & Accounts for the half year ended 30 June 2019). 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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