20 February 2012
UK Commercial Property Trust Limited
(“UKCPT” or the “Company”)
Acquisition of Industrial Park Portfolio from SEGRO (Munich: A0N9B0 – headlines ) for 60.51m
UK Commercial Property Trust Limited , managed by Ignis Asset Management , announces that it has acquired a portfolio of 3 multi-let predominantly industrial playing field properties from SEGRO plc for a complete care of 60.51m, reflecting a net primary concede of 7.34%. The 3 sites supply a amalgamated complete building area of 549,413 sq ft and a complete income of 4.67m per annum.
The occupancy rate opposite all 3 estates is roughly 98%, with units let to a blend institutional rank tenants inclusive Smiths News Trading, UPS Ltd and Volkswagen Group UK Ltd.
The median weighted franchise length opposite the portfolio is 9 years and a month.
The contract will be financed essentially by the use of segment of the 150m trickery concluded with Barclays Bank Plc (NYSE: BCS-PA – headlines ) in May 2011. The merger provides UKCPT with larger bearing to multi-let industrial assets, conform to with a of the Company’s vital aims.
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The Company moreover believes that there is the prospective for income and worth expansion by active item management.
The portfolio comprises:
Emerald Park East, Emersons Green, Bristol – a modern industrial estate created between 2000 and 2004, located shut to Junction 19 of the M4, to the north of Bristol.The estate now generates income of 1.71m per annum from 235,635 sq ft opposite 17 units, let to tenants inclusive Knorr Bremse Systems, Sungard Availability Services and Smiths News Trading Ltd. Average unexpired franchise length is 4 years 3 months to breaks (eight years 6 months to expiry).
Gatwick Gate Industrial Estate, Crawley – A midst 1980`s industrial estate located on Charlwood Road, to the evident south of Gatwick Airport. The estate generates income of 1.11m per annum from 144,944 sq ft of space opposite 9 units, let to tenants inclusive Signet Group Ltd and Cooper Callas Ltd. Average unexpired franchise length is 5 years to expiry and break.
Motor Park, Eastern Road, Portsmouth -This organisation of automobile showrooms representing the leading automotive dealership place in the Portsmouth area, offers brands inclusive Mercedes (Xetra: 710000 – headlines ) -Benz, Audi (Xetra: 675700 – headlines ) , BMW (Xetra: 519000 – headlines ) , Volkswagen (Xetra: 766400 – headlines ) , Mini, Chrysler and Jeep. The playing field generates income of 1.84m per annum from 162,661 sq ft of space opposite 10 units, let to tenants inclusive Volkswagen Group UK Ltd, Pentagon Ltd and Affinion International. Average unexpired franchise length is 12 years two months to break (twelve years 9 months to expiry).
Christopher Hill, Chairman of UKCPT, commented:
“This contract fits good with the plan of appropriation good high quality properties that, quite in these undetermined mercantile times, both element the existing portfolio and offer strong, defensive income characteristics. This portfolio is moreover popular as it offers us the prospective to blossom worth by the focus of the trained and focussed draw close to item management.
“The new financing trickery that you concluded with Barclays (LSE: BARC.L – headlines ) final year provides us with cozy headroom to make acquisitions when you find an popular chance such as this, and you go on to look for exchange to blossom and enhance the portfolio further.”
UKCPT was represented by GVA and JLL represented SEGRO plc in the transaction.
Robert Boag/Graeme McDonald, Ignis Investment Services Limited
Tel: 0141 222 8000
Stephanie Highett/Richard Sunderland/Will Henderson, FTI Consulting (NYSE: FCN – headlines )
Tel: 020 7831 3113
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