UK Commercial Property REIT, which is managed by Aberdeen Standard Investments, has completed the sale of its only City of London office asset, Eldon House, for £40 mln (€44 mln), following exchange of contracts in early May.
UKCM acquired the property in 2015 for £28 mln and recently completed its asset management plan, achieving full occupancy and capturing rental reversionary potential following a refurbishment of the building’s public spaces.
‘Eldon House has been a highly successful investment on behalf of our shareholders and, having completed our asset management plan, we feel now is the right time for us to part company with it,’ said Will Fulton, lead manager of UKCM at Aberdeen Standard Investments.
As a result, the company no longer has any exposure to the City of London market. ‘This disposal, along with the other recent sales we have achieved, also gives us further financial liquidity as part of our strong balance sheet,’ added Fulton.
UKCM is managed and advised by Aberdeen Standard Investments and owns a diversified portfolio of income-producing UK commercial property.
