UK Commercial Property Trust on £60m spending spree
UK Commercial Property Trust (UKCPT) has spent £60.51m buying industrial park assets from SEGRO. The income from the properties totals £4.67m per year, representing a net initial yield of 7.34%.
UK Commercial Property Trust (UKCPT) has spent £60.51m buying industrial park assets from SEGRO. The income from the properties totals £4.67m per year, representing a net initial yield of 7.34%.
The transaction will be financed primarily through the use the £150m credit facility that UKCPT agreed with Barclays Bank in May 2011.
The assets include Emerald Park East in Bristol, a modern industrial estate which generates £1.71m per year; Gatwick Gate in Crawley, yielding £1.11m per year and Motor Park in Portsmouth which generates £1.84m per year.
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The Chairman of UKCPT, Christopher Hill, said of the deal: "This transaction fits well with our strategy of acquiring good quality assets that, particularly in these uncertain economic times, both complement our existing portfolio and offer strong, defensive income characteristics."
UKCPT shares have fallen 6.9% over the last 12 months.
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