BMO Commercial Property Trust Ltd - Property Sale
BMO Commercial Property Trust Ltd - Property Sale
PR Newswire
London, September 29
To RNS
Date 29 September 2021
LEI Number 213800A2B1H4ULF3K397
From BMO Commercial Property Trust Limited
Property Sale
Disposal of Retail Properties in Rochdale for £35.0m
BMO Commercial Property Trust Limited (LSE: BCPT) is pleased to announce the disposal of its holding at Dane Street, Rochdale. The asset is a purpose-built supermarket with a 12-pump filling station and an adjacent retail warehouse.
The Company has sold the properties for a total consideration of £35.0 million at an initial yield of 4.75 per cent. The sale price reflects an increase of 9 per cent over the last external valuation at 30 June 2021 and 12 per cent over the year-end valuation at 31 December 2020. The supermarket is let to Asda Stores Limited and the adjoining retail warehouse to DSG Retail Limited t/a Currys/PC World. The disposal follows the successful re-gearing of the Asda lease and extension of the term expiry date out to December 2038. The Currys lease expiry is March 2022.
This disposal continues the strategy of adopting a higher level of activity within the portfolio as the Company moves to recycle capital and adjust sector weightings. The Company’s existing share buy-back programme is ongoing.
All enquiries to:
Richard Kirby
BMO REP Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268