Royal London buys London office asset from UKCM REIT
Royal London Asset Management (RLAM) has bought a London office asset from UK Commercial Property REIT (UKCM) for £73.2m (€83.3m)
UKCM REIT, the Aberdeen Standard Investments managed property investor, said it sold the fully occupied 15 Great Marlborough Street to RLAM.
The 49,094sqft freehold office building was constructed in 1998.
Will Fulton, the lead manager of UKCM at Aberdeen Standard Investments, said: “Having completed a number of asset management initiatives during our ownership, our decision to sell at this point in time crystallises significant value for our shareholders.
“This sale is in line with our strategy to grow earnings by transferring capital to higher yielding stock with sustainable income streams with growth potential.”
Keith Miller, the senior fund manager and head of offices at RLAM, said: “The prominent corner property offers diversified reversionary income from strong tenant covenants and is situated on one of the premier streets in Soho between the new Crossrail stations at Bond Street and Tottenham Court Road.
“The acquisition is in line with the fund’s strategy to invest long-term in high-quality well-located assets offering rental growth and value-add asset management opportunities.”
UKCM was advised by JLL. RLAM was advised by CBRE