UK Commercial Property REIT sells Soho office – UK Commercial Property REIT Limited has completed the off-market sale of 15 Great Marlborough Street, an office asset in London’s Soho, to Royal London Asset Management for GBP73.2 million, ahead of the last valuation as at 30 June 2018.
The 49,094 sq ft freehold office building, which is arranged over nine floors and includes 10,094 sq ft of retail accommodation on the ground and lower ground floors, was constructed in 1998 and is 100% occupied. The office space is let entirely to Sony Interactive Entertainment and the retail space is occupied by Costa Limited and Fitness First.
Will Fulton, Lead Manager of UK Commercial Property REIT at Aberdeen Standard Investments, said: “Having completed a number of asset management initiatives during our ownership, our decision to sell at this point in time crystallises significant value for our shareholders. This sale is in line with our strategy to grow earnings by transferring capital to higher yielding stock with sustainable income streams with growth potential.”
UK Commercial Property REIT was advised by JLL. Royal London Asset Management was advised by CBRE.
UKCM : UK Commercial Property REIT sells Soho office