UK Commercial Property REIT (UKCM) has sold a multi-use motor park asset at a 3% discount to Glasgow City Council.

The FTSE 250 company - managed and advised by Aberdeen Standard Investments - said the Motor Park in Portsmouth, which predominantly comprises seven car showrooms, was sold for £29.8m (€34.4m).

The sale price which represents a 3% discount to the December 2019 valuation and provides UKCM with additional capital to invest in markets with strong underlying fundamentals, including alternatives, the company said.

Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: “Through our successful asset management activity we were able to increase the average unexpired lease length at Motor Park and enhance its value, which we have crystallised for our investors with this sale.

“These disposals also give us additional firepower to reinvest into attractive, income accretive assets, for example in the alternatives sector, where we see longer-term opportunity to deliver reliable returns.”