UK Commercial Property REIT sells retail park

UK Commercial Property REIT (UKCM) has sold Great Lodge Retail Park in Tunbridge Wells, England, to M7 Real Estate for £46.25 million (€49.95 million/$59.11 million).

The sale price (after deductions) was at the June valuation and is a continuation of UKCM’s strategy to reduce its retail exposure and secure additional capital to invest in sectors with strong underlying fundamentals. The company’s portfolio now comprises only 16.3 percent retail assets, with no shopping center exposure.

Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said, “This latest disposal aligns with our long-term strategy to reduce our exposure to the retail sector. Having completed our asset management program 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.”