UK Commercial Property Trust has acquired the Rotunda Leisure Scheme in Kingston upon Thames, UK from Curo Property Funds for £51 mln (EUR 58 mln). The investment volume reflects an initial yield of 6.5%.
UK Commercial Property Trust has acquired the Rotunda Leisure Scheme in Kingston upon Thames, UK from Curo Property Funds for £51 mln (EUR 58 mln). The investment volume reflects an initial yield of 6.5%.
The leisure scheme extends over 51,816 sq m and it is fully let with an annual rent roll of £3.3 mln from 11 tenants on unexpired lease terms averaging 16 years. The Rotunda attracts some 5 million visitors annually.
The acquisition has been partially funded by drawing down the remaining £38 mln available under an existing Lloyds debt facility.
Also on Friday, UK Commercial Property Trust announced it has been granted a £150 mln (EUR 171 mln) seven-year term loan facility by Barclays Banks.
The facility will remain available to be drawn down for 18 months and is to be repaid on 18 May 2018. The terms include a 60% loan-to-value ratio and an interest cover limit of 1.6 times.
About £15 mln of the Barclays facility has been drawn down in order to partially fund the Rotunda acquisition.
