LONDON: UK Commercial Property REIT Limited, which is managed and advised by Aberdeen Standard Investments, has sold its Kew Retail Park asset in London to a leading UK housebuilder.
UKCM will receive a consideration of £41 million for the asset, marginally below the 31 December 2020 book value.
Of the complete 10 acre Retail Park, UKCM owns 4.7 acres comprising 61,765 sq ft of gross lettable area across five units which are fully let on short leases to a range of tenants including Boots, Sports Direct, Gap and TK Maxx.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said: “This disposal allows us to continue our portfolio repositioning strategy with the sale of a low growth retail asset via a transaction with a leading UK housebuilder.
The transaction permits us to take advantage of strong demand for residential development opportunities and generates further capital for us to invest into income accretive properties, particularly modern economy assets with the potential to deliver sustainable and growing income returns over the long term.”
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 £1.21 billion (as at 31 December 2020) diversified portfolio.
The portfolio has a strong bias towards prime, institutional quality properties and is diversified by location and sector across the UK.