UK Commercial Property Trust (UKCPT), a London listed investment company advised by Standard Life Investments, has made two acquisitions totalling £50.8 mln (€69 mln).
UK Commercial Property Trust (UKCPT), a London listed investment company advised by Standard Life Investments, has made two acquisitions totalling £50.8 mln (€69 mln).
The Guernsey-based company has acquired the Central Square office building in Newcastle for £21.6 mln from Parabola Estates, reflecting a net initial yield of 6.4%.
The 6,725 m2 office space is multi-let to a range of corporate tenants, producing a combined passing rent of £1.45 mln per annum and with a weighted average unexpired lease term of 8.8 years. The BREEAM Excellent rated building is located in the new Stephenson Quarter development in central Newcastle, adjacent to a five-star Crowne Plaza hotel and opposite Newcastle Central railway station.
In a separate transaction, UKCPT has also acquired a 13,000 m2 leisure scheme in Glasgow for £29.2 mln, in an off-market transaction. Located in Glasgow’s city centre, the complex is anchored by a 9,300 m2 Cineworld cinema on a long term lease, with a further 2,800 m2 of leisure accommodation across three units.
The current rent is £1.66 mln per annum, which UKCPT hopes to increase through a range of asset management initiatives, including re-letting the vacant basement leisure unit and reconfiguring the first floor leisure unit.
