UKCPT disposes of two UK retail assets for €113m

UK-focused listed commercial property investor UK Commercial Property Trust (UKCPT) has sold two retail assets in the UK in two separate transactions totalling £82.7 mln (€113 mln).

The assets are 176-206 Kensington High Street in London and 134-138 North Street in the coastal town of Brighton.

The deal price is marginally ahead of the assets' aggregate valuation as at 31 March 2015, the company said in a statement.

'The assets have been deemed to be non-core to UKCPT’s ongoing strategy and the sale proceeds are to be reinvested in selective institutional grade assets with a sustainable income focus,' it added.

176-206 Kensington High Street, which comprises a 1.13 acre plot with 57,000 sq ft of retail and 108 residential flats, has been sold to a private purchaser.

The sale of 132-134 North Street in Brighton has completed and is part of UKCPT’s move away from properties of smaller lot sizes. The property is let to Sainsbury’s, Sports Direct and Poundland for an average 4.5 years unexpired term.

Colliers advised UKCPT and CBRE advised the purchaser on the sale of 176-206 High Street Kensington. KLM acted for UKCPT on the sale of 134-138 North Street, while the purchaser was advised by Savills.