UK Commercial Property REIT Ltd UKCM signs new lease at Dartford industrial estate
20 Novembro 2023 - 5:00AM
RNS Non-Regulatory
TIDMUKCM
UK Commercial Property REIT Ltd
20 November 2023
UK Commercial Property REIT Limited
UKCM's new long term industrial lease in Dartford at 30% premium
to current rent demonstrates ongoing strength of occupier
markets
Continued success of UKCM's alternatives platform celebrated
with award for newly developed Exeter student accommodation
20 November 2023: UK Commercial Property REIT Limited ("UKCM" or
the "Company") (FTSE 250, LSE: UKCM) announces that it has secured
a new lease on Unit 2 at its Newton's Court multi-let industrial
estate in Dartford, Kent at a level 30% higher than previous
passing rent and 2% ahead of ERV.
The 14,800 sq ft unit has been taken by Flint Hire & Supply
Ltd. ("Flint"), a leading UK provider of theatrical goods for
scenic artists, propmakers, carpenters, riggers and stage engineers
working in live and recorded entertainment. Flint has entered into
a 15-year lease with a tenant-only break option in year ten, at an
annual rent of GBP214,377 p.a. (GBP14.50 psf p.a.) and a six month
rent free period. The lease sets a new record rent for the
estate.
With Flint immediately replacing the previous occupier, Meddx
Solutions Ltd., UKCM achieved a transfer of tenancy without any
vacancy period.
Following the lease the 15 unit, 300,000 sq ft multi-let
industrial estate is fully let with a WAULT of over 6 years.
In continued success for UKCM's alternatives platform, earlier
this month the Company's Hill View Place student accommodation
asset in Exeter was voted the best property in Exeter at the
Student Voice Awards 2023. Winners were selected based on 48,981
verified student reviews submitted on StudentCrowd.
Will Fulton, Fund Manager of UKCM at abrdn, said : "The speed at
which this letting was secured, without any vacancy period,
together with the new rental level achieved demonstrates the
ongoing strength of occupier demand for high quality industrial and
logistics space in the best locations. Despite the high levels of
occupancy across UKCM's this letting is a further example of our
ability to continue to capture the reversionary potential in our
portfolio when lease events do occur, achieving rates higher than
previous passing rent and ahead of ERV to unlock value and drive
income on behalf of our investors."
UKCM was advised on the letting by Altus Group, with Flint being
unrepresented.
- ENDS -
For further information please contact:
Richard Sunderland / Emily Smart / 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 GBP1.27 billion (as at 30 September 2023) 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 abrdn (the Company's
appointed AIFM).
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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