TIDMUKCM
UK Commercial Property REIT Ltd
21 February 2023
UK Commercial Property REIT Limited
UKCM secures significant new lettings at M25 based Ventura Park
industrial estate
21 February 2023: UK Commercial Property REIT Limited ("UKCM" or
the "Company") (FTSE 250, LSE: UKCM) announces that it has secured
new leases on 116,200 sq ft of space comprising two units, B and 7,
at its Ventura Park industrial estate in Radlett,
Hertfordshire.
The units have been taken by two new occupiers following the
departure of the previous tenant on 17 January 2023, with one
moving in the following day, demonstrating the continued strong
demand for good value, well-located industrial space. The leases
secure GBP2 million of rent per annum in aggregate which, in
addition to the premium over the previous passing rent, is ahead of
ERV.
As a result of the agreements, UKCM has increased the weighted
average lease term of Ventura Park from 5.75 years to 7.4 years and
has taken occupancy to 94.4%. The new leases maintain UKCM's
occupancy level at 98%.
Location Collective, the UK's third largest film studio
operator, has agreed to take the 86,000 sq ft Unit B on a 15 year
lease and is due to take occupation in April 2023. The company
intends to refurbish the site into a high specification film studio
facility as part of plans to roll-out further facilities in the
coming years. As part of the agreement, UKCM will install LED
Lighting throughout the unit and an electric Variable Refrigerant
Flow temperature control system in the office to improve the EPC
rating from an E to a B.
Aerospace Reliance Ltd, a global supplier of aircraft
maintenance materials, took occupation of the 32,000 sq ft Unit 7
on the 18 January, the day after it became vacant, having agreed a
10 year lease. Unit B already has an EPC rating of B.
Ventura Park is a 35 acre multi-let industrial estate comprising
590,000 sq ft of storage and logistics space across 13 industrial
units and is let to a range of tenants. Situated in Radlett, it is
located close to the M25 between the M1 and A1(M) junctions, which
provide a quick connection to London and the wider UK.
The 29,000 sq ft Unit G&H is available to let.
Will Fulton, Fund Manager of UKCM at abrdn, said : "These latest
lettings at Ventura Park have been agreed very shortly after the
units became vacant at market rent significantly ahead of the
previous rent paid, reflecting the strength of the market, lack of
supply and strength of this location for London businesses. They
clearly demonstrate the continued demand for well-located
industrial business space, situated in close proximity to large
urban areas and key transport arteries and are testament to our
asset management team's ability to capture rental reversion, in
line with our strategy to drive income on behalf of
shareholders."
UKCM was advised by Paul Londra of TLRE and Sam Vyas of Avison
Young.
ENDS
(1) Based on occupancy as of 31st December 2022.
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 GBP1.31 billion (as at 31 December 2022) 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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