UK Commercial Property REIT (UKCM), which is managed and advised by Aberdeen Standard Investments, has exchanged contracts to sell Great Lodge Retail Park in Tunbridge Wells, UK, to M7 Real Estate for £46.25 mln (€51 mln) less rent guarantee deductions.
The sale price was at the June valuation, the vendor said in a statement. The transaction is a continuation of UKCM’s strategy to reduce its retail exposure and secure additional capital to invest in sectors with strong underlying fundamentals. The company’s portfolio now comprises only 16.3% retail assets with no shopping centre exposure.
UKCM has undertaken a programme of active asset management at the retail park, agreeing new leases to Aldi and Starbucks. Other tenants include B&Q, DFS and Curry’s.
’This latest disposal aligns with our long-term strategy to reduce our exposure to the retail sector,’ said Will Fulton, lead manager of UKCM at Aberdeen Standard Investments. ‘Having completed our asset management programme with lettings to Aldi and Starbucks, we have been able to enhance its value and this sale now provides us with extra firepower to invest in attractive, income producing assets in sectors that are resilient to long term market trends.’