UK Commercial Property Trust Limited, which is advised by Standard Life Investments, has completed the sale of its three retail centres in Shrewsbury town centre to Shropshire Council for approximately £51 mln (€59 mln), representing a small premium to book value.
'The sale of these three centres is in line with our previously stated strategy of reducing our portfolio’s weighting towards retail,' commented Will Fulton, fund manager at Standard Life Investments.
'Furthermore the sale provides us with additional financial resources which we intend to recycle into other investment opportunities that fit with the company’s investment strategy.'
The three assets comprise the Charles Darwin, Pride Hill and Riverside shopping centres in Shrewsbury’s town centre and provide around 428,400 ft2 (39,800 m2) of retail and leisure space in total.
JLL acted for UKCPT, while Montagu Evans acted for Shropshire Council.
