Glasgow City Council has acquired Motor Park in Portsmouth, a multi-use asset predominantly comprising of seven car showrooms, from Aberdeen Standard's UK Commercial Property REIT for £29.8 mln (€34 mln).
According to the vendor, the sale price represents a 3% discount to the December 2019 valuation and provides UKCM with additional capital to invest in its target segments which includes alternatives.
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.'
UKCM said that its active asset management programme increased the weighted unexpired lease length at the asset with new leases to Snows Business Holdings, which operates BMW, Mini and SEAT franchises, and Harwoods, which operates the Audi franchise.
The REIT also recently completed its £18.1 mln sale of Broadbridge Retail Park in Horsham, in line with the September and December valuations, following the exercise of an option by Delancey and Tritax which had been agreed in November 2019.
