UK Commercial Property REIT Limited
(an
authorised closed-ended investment company incorporated in Guernsey
with registration number 45387)
LEI
Number: 213800JN4FQ1A9G8EU25
(The
"Company")
3 JULY
2023
APPOINTMENT
OF NEW CHAIR
Further to
its announcement on 3 April 2023, the
Board of UK Commercial Property REIT Limited ("UKCM" or the
"Company") (FTSE 250,
LSE: UKCM)
today confirms the appointment of Peter
Pereira Gray as UKCM's new chair, effective from
31 July 2023, and the retirement of
the incumbent, Ken McCullagh, on the
same date.
Peter Pereira Gray, Chair Elect of UKCM,
comments: "I would
first like to thank Ken for his significant contribution and
commitment to UKCM over the past ten years, and particularly during
his term as chair of the Board. In the decade since Ken was
appointed to the Board, the Company has successfully navigated
multiple headwinds: Brexit, Covid, the invasion of Ukraine and fundamental changes to the
property industry driven by structural shifts in society. To
address these challenges, the Board, expertly led by Ken over the
last three years, has worked with the investment manager to
restructure the Company's asset base and adapt it to the future
needs of tenants.
"As one of
the UK's largest diversified REITs and with a high quality
portfolio, UKCM is a great business with huge potential. I look
forward to working with the Board and with abrdn to continue the
good work undertaken to date, as we continue towards our goal of
delivering returns for shareholders."
Ken McCullagh, outgoing Chair, added:
"As I hand
over to Peter I am pleased that UKCM is well placed with a high
quality, future fit and far more diversified portfolio that can
continue to deliver good income returns to shareholders. I would
like to take this opportunity to thank my fellow board members, the
abdrn team and all our advisors for all their hard work and support
during my tenure. Peter is a first class operator and I leave
knowing the Company is in good hands."
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 £1.32 billion (as at 31 March
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.