UK Commercial Property REIT Limited has sold its 186,455ft² Wembley180 logistics asset in London to Covent Garden IP Limited, a registered charitable company. UKCM will receive a consideration of €85m (£74m), which reflects a net initial yield of 3.49%. UKCM has owned the property since 2009 and completed a refurbishment of the asset in 2019 when it let the unit to a global e-commerce company until 2029.
Will Fulton, Lead Manager at UKCM, commented: “This disposal allows us to crystallise the value we have created through both the timely acquisition of an asset in a prime London logistics location and our subsequent active asset management of the property, including a long lease to a global e-commerce business. We will use proceeds of the sale to enhance earnings, primarily by paying down some short-term debt.”
Dale Bills, spokesman for CG, said: “The purchase of Wembley180 furthers our efforts to make prudent, long-term investments. Earnings from our investments are expected to support the religious and charitable work of The Church of Jesus Christ of Latter-day Saints in the United Kingdom.”