UK Commercial Property REIT, which is managed and advised by Aberdeen Standard Investments, has sold its Kew Retail Park asset in London to an unnamed UK housebuilder. UKCM will receive £41 mln (€48 mln) for the asset, marginally below the 31 December 2020 book value.
Of the complete 10 acre Retail Park, UKCM owns 4.7 acres comprising 61,765 sq ft (5,700 m2) of gross lettable area across five units which are fully let on short leases to a range of tenants including Boots, Sports Direct, Gap and TK Maxx.
‘This disposal allows us to continue our portfolio repositioning strategy with the sale of a low growth retail asset via a transaction with a leading UK housebuilder,’ said Will Fulton, lead manager of UKCM at Aberdeen Standard Investments.
‘The transaction permits us to take advantage of strong demand for residential development opportunities and generates further capital for us to invest into income accretive properties, particularly modern economy assets with the potential to deliver sustainable and growing income returns over the long term.’
