UK Commercial Property sells Tunbridge Wells retail park
Real estate investment trust UK Commercial Property has sold the Great Lodge Retail Park in Tunbridge Wells to M7 Real Estate for a total of £46.25m, less rent guarantee deductions.
UK Commercial Property said on Thursday that the sale price was in line with the asset's June valuation and was part of the group's continued strategy of reducing its retail exposure and securing additional capital to invest in sectors with "strong underlying fundamentals". Now only 16.3% of the trust's portfolio was made up of retail assets, with no shopping centre exposure.
The FTSE 250-listed group added that it was undertaking a programme of "active asset management" at the retail park - agreeing to new leases with the likes of ALDI and Starbucks.
Lead manager Will Fulton said: "This latest disposal aligns with our long-term strategy to reduce our exposure to the retail sector.
"Having completed our asset management programme with lettings to ALDI and Starbucks, we have been able to enhance its value and this sale now provides us with extra firepower to invest in attractive, income-producing assets in sectors that are resilient to long term market trends."
As of 0915 BST, UK Commercial Property shares were down 0.58% at 67.50p.