To: Company
Announcements
Date: 12
January 2024
Company: Balanced
Commercial Property Trust Limited
LEI
Number: 213800A2B1H4ULF3K397
Sales
Activity
BCPT
agrees £42.8 million aggregate sale of three office
properties.
Balanced
Commercial Property Trust Ltd (`BCPT' or the `Company') announces
it has agreed the sale of three office holdings in a strategic move
to reduce its office exposure. The sale comprises two regional out
of town business park holdings in Edinburgh and Aberdeen and a multi-let asset in London's West End. The sales have been agreed
at an aggregate sale price of £42.8 million, representing a 0.3%
discount against September's independent valuation, the last
valuation prior to the assets being launched to market.
The
Company has completed the sale of Nevis & Ness House, Edinburgh Park, a
42,000 sq ft headquarters office occupied by Diageo Scotland
Limited, and Building 4, Prime Four Business Park, Aberdeen a 25,000 sq ft training centre
occupied by Maersk Training UK Limited. In a separate transaction
BCPT has exchanged contracts on the sale of 2-4 King Street,
London SW1, a multi-let holding of
15,000 sq ft in London's West End.
The sale will complete mid- January.
The sales
have been executed as part of BCPT's strategy to reduce portfolio
exposure to the office sector. Following the completion of the
disposals, BCPT's office exposure will fall to 25.4% by capital
value from 28.4% (as at September
2023) as the Company continues to align its portfolio
towards structurally supported growth sectors such as industrial
& logistics, retail warehousing and operational
alternatives.
Richard Kirby, Fund Manager of BCPT, said:
"Our
investment ethos has always focused on high quality real estate
with strong fundamentals, and the pricing achieved on these sales
underlines the importance of taking a quality-led approach. Our
active management of the asset base ensures the portfolio is always
evolving to capitalise on underlying market dynamics and we expect
to make further positive announcements in the near
future."
All
enquiries to:
Richard Kirby
Columbia
Threadneedle REP AM Plc
Tel: 020
7464 5000
Innes Urquhart
Winterflood
Securities Limited
Tel: 0203
100 0265
Dion Di Miceli / Tom
MacDonald / Stuart Muress /
James Atkinson
Barclays
Bank PLC
0207 623
2323
BarclaysInvestmentCompanies@barclays.com