UK Commercial Property REIT Limited has exchanged contracts for the sale of Great Lodge Retail Park in Tunbridge Wells, to M7 Real Estate for c.€51m (£46.25m) less rent guarantee deductions. UKCM has undertaken a programme of active asset management at the retail park, agreeing new leases to ALDI and Starbucks. Other tenants include B&Q, DFS and Curry’s.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said: “This latest disposal aligns with our long-term strategy to reduce our exposure to the retail sector. Having completed our asset management programme with lettings to ALDI and Starbucks, we have been able to enhance its value and this sale now provides us with extra firepower to invest in attractive, income-producing assets in sectors that are resilient to long term market trends.”
