UK Commercial Property REIT (UKCM), managed and advised by Aberdeen Standard Investments, has exchanged contracts to purchase West Gate, a 98,000 sq ft (91,000 m2) office building for £35 mln (€41 mln) that is let to Kantar UK for 10 years.
The asset offers a number of redevelopment opportunities, including an industrial conversion being the most likely option. The property is in close proximity to Park Royal, one of Europe’s largest urban industrial areas.
In September, UKCM also purchased Trafford Retail Park in Manchester for £33 mln from Peel L&P. It’s 100% let to discount and convenience retailers as well as food and beverage operators.
These acquisitions align with the firm’s strategy to invest in solid income streams, with the potential for future growth.
‘We are exploring a healthy pipeline of investment opportunities and expect to put our balance sheet to work in acquiring these in line with our strategy of growing our diversified portfolio and our income on behalf of shareholders.’ said Ken McCullagh, chair of UKCM. ‘With the onset of winter, we remain acutely aware that the next few months will give us a true reflection of where the UK is in relation to pandemic and, while we remain cautiously optimistic, we also are well placed financially and operationally to weather any temporary setbacks in the unlocking of the economy.’
