UKCM sells Wembley180 asset for £74m
UK Commercial Property Reit Limited
67.20p
17:05 01/05/24
-0.15%
-0.10p
UK Commercial Property REIT said it had sold its Wembley180 logistics asset in London to Covent Garden IP for £74m.
FTSE 250
19,926.59
17:14 01/05/24
n/a
n/a
FTSE 350
4,464.43
17:14 01/05/24
n/a
n/a
FTSE All-Share
4,418.60
16:54 01/05/24
n/a
n/a
Real Estate Investment & Services
2,212.06
17:14 01/05/24
0.79%
17.42
The deal reflects a net initial yield of 3.49% and is broadly in line with the company's March 2023 valuation.
UKCM has owned the property since 2009 and completed a refurbishment of the asset in 2019 when it let the unit to a global e-commerce company until 2029. It will primarily use the proceeds to enhance earnings by paying down a substantial amount of its £93m floating rate Rolling Credit Facility, currently costing 6.3% per annum.