UK Commercial Property REIT is continuing its pivot away from the retail sector, eyeing alternative uses for some of its sites in London having sold its remaining shopping centre last year.
Announcing the company’s 2019 results, which were delayed due to the coronavirus pandemic, Will Fulton, lead manager at adviser Aberdeen Standard Investments, said: “While we remain cautious in our approach and see very little justification for taking on unnecessary risk at this stage, UKCM remains in a strong position with £154m of available capital and a flexible strategy to seize appropriate opportunities as we emerge from the pandemic, including the longer term potential for alternative uses on some of our retail assets in London.”
The REIT sold its last remaining shopping centre, Swindon’s underperforming Parade, during the year for £23.35m. Half of the company’s portfolio now comprises industrial assets, compared to a fifth in the retail sector.
