UK Commercial Property Trust (UKCPT) has bought the Regent Circus mall and leisure complex in Swindon, southwest England, for £40 mln (€50 mln).

UK Commercial Property Trust (UKCPT) has bought the Regent Circus mall and leisure complex in Swindon, southwest England, for £40 mln (€50 mln).

The 9,000 m2 site was bought from Ashfield Land and is 94% pre-let. Tenants include supermarket Morrisons (due to open late 2014) and a Cineworld cinema (due to open early 2015).

Leases average 20 years and after rent-free periods the site will generate £2.1 mln (€2.6 mln) a year, representing a yield of 5.3%.

The deal is part funded by a recent share issue that generated £32 mln (€40 mln).

Christopher Hill, UKPCT chairman, said the deal supports, ‘an ongoing investment strategy of acquiring assets that have the potential for both income and capital growth. It also represents an increase in the company's leisure holdings, one of the company's favoured sectors.’