UK Commercial Property REIT Ltd UKCM reduces void by 35.2% with logistics letting (3956Y)
September 09 2020 - 2:00AM
UK Regulatory
TIDMUKCM
RNS Number : 3956Y
UK Commercial Property REIT Ltd
09 September 2020
UK Commercial Property REIT Limited
UKCM reduces void by 35.2% with logistics letting at Magna Park,
Lutterworth
9 September 2020: UK Commercial Property REIT Limited ("UKCM" or
the "Company") (FTSE 250, LSE: UKCM), which is managed and advised
by Aberdeen Standard Investments* and owns a diversified portfolio
of high quality income-producing UK commercial property, announces
that it has fully let its 377,070 sq ft XDOCK377 logistics unit at
Magna Park in Lutterworth to Armstrong Logistics, a pan-European
distribution company. As a result of the lease, UKCM's portfolio
void rate by ERV has reduced to 6.5% from 10% at the 30 June
2020.
Armstrong Logistics has signed a 15.5-year lease with open
market rent reviews at GBP6.50 per sq ft, in line with ERV, which
will add a further GBP2.45 million of annualised income to the
Company's rent roll after incentives.
Armstrong Logistics is an approved UK logistics partner to ALDI,
delivering around one third of the ambient goods on ALDI's store
shelves and working with over 100 of ALDI's key suppliers across
the world. It already operates from another unit in Magna Park and
the occupation of XDOCK377 is essential to Armstrong Logistics'
business in order to satisfy continued growth in ALDI's UK
business.
XDOCK377 is a fully refurbished Grade A cross-dock distribution
warehouse located in Magna Park, which is the largest dedicated
distribution park in Europe. Situated in the heart of the Golden
Triangle, Magna Park provides access to 85% of the UK population
within a 4.5 hour HGV drive due to its close proximity to the M1,
M6 and M69. Other occupiers at the site include DHL, Asda, Wayfair,
Lidl and Eddie Stobart.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard
Investments, said : "This is a highly significant letting for UKCM
in that it reduces the Company's void rate by some 35% and will
deliver reliable long term income to our investors from a highly
reputable counter party that is the key logistics partner to one of
Europe's most prolific retail success stories."
UKCM was advised by CBRE, Savills and Burbage Realty.
ENDS
For further information please contact:
Richard Sunderland / Claire Turvey / Eve Kirmatzis/ Andrew
Davis, FTI Consulting
Tel: 020 3727 1000
Email: ukcm@fticonsulting.com
Notes to Editors - UK Commercial Property REIT
UK Commercial Property REIT is a FTSE 250 Real Estate Investment
Trust listed on the London Stock Exchange. It aims to provide
shareholders with an attractive level of income together with the
potential for capital and income growth from investing in and
managing a GBP1.219bn (as at 30 June 2020) diversified portfolio.
The portfolio has a strong bias towards prime, institutional
quality properties and is diversified by location and sector across
the UK.
* The Company is managed and advised by Standard Life
Investments (Corporate Funds) Limited (the Company's appointed
AIFM). Will Fulton, a qualified Chartered Surveyor with 30 years of
experience in the industry, has been Lead Manager since April 2015.
Investors should refer to the Key Information Document prior to
making an investment decision.
Further information on the Company's investment policies, the
types of assets in which the Company may invest, the markets in
which it invests, borrowing limits as well as details of its
management, administration and depositary arrangements can be found
in the Company's Annual Report and Investor Disclosure Document.
The above documents are available on the Company's website
www.UKCPREIT.com. Paper copies of these documents are available on
request, free of charge, via the contact details outlined on the
website.
Property is a relatively illiquid asset class, the valuation of
which is a matter of opinion. There is no recognised market for
property and there can be delays in realising the value of property
assets. Investors should be aware that past performance is not a
guide to future results. The value of investments, and the income
from them, can go down as well as up, and an investor may get back
less than the amount invested.
For further information on UK Commercial Property REIT, please
visit www.UKCPREIT.com .
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