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UK Commercial Property REIT sells Wembley180 logistics asset in London
UK Commercial Property REIT (UKCM) has sold its 186,455-square-foot Wembley180 logistics asset in London to Covent Garden IP, a registered charitable company, for a consideration of £74 million ($91 million).
UKCM has owned the property since 2009 and completed a refurbishment in 2019, when it leased the unit to a global ecommerce company for a 10-year term.
UKCM said it primarily will use the proceeds of the sale to pay down a substantial amount of its £93 million ($115 million) floating-rate rolling credit facility.
“This disposal allows us to crystallize the value we have created through both the timely acquisition of an asset in a prime London logistics location and our subsequent active asset management of the property, including a long lease to a global ecommerce business,” said Will Fulton, lead manager at UKCM. “We will use proceeds of the sale to enhance earnings, primarily by paying down some short-term debt.”UK Commercial Property REIT (UKCM