UK Commercial Property NAV rises as portfolio value stays flat
UK Commercial Property REIT has posted a 1.5% increase in NAV per share to 88p at the end of March, compared with 86.7p in December.
Its portfolio value was mostly flat at just under £1.2bn, after £58m of disposals and £7m of investments made during the quarter.
Like-for-like portfolio capital value, net of capital expenditure, grew by 1.6%.
UK Commercial Property REIT has posted a 1.5% increase in NAV per share to 88p at the end of March, compared with 86.7p in December.
Its portfolio value was mostly flat at just under £1.2bn, after £58m of disposals and £7m of investments made during the quarter.
Like-for-like portfolio capital value, net of capital expenditure, grew by 1.6%.
Rent collection for the second quarter stood at 86% after allowing for agreed rent deferrals and monthly payments.
During the quarter, the firm completed its purchase of a £29.1m student accommodation asset in Edinburgh.
Elsewhere, the REIT made a combined £2.5m loss on sale after costs linked to its £41m sale of Kew Retail Park in March to a housebuilder, thought to be Berkeley Group, and its £17m disposal of its Hartshead House office property in Sheffield.
Ken McCullagh, chair of UKCM, said: “While we remain fully cognisant of the fact that the longer-term impact of the pandemic on the economy remains to be seen, with the vaccine being successfully rolled out and lockdown restrictions gradually being eased, there is a definite feeling of renewed optimism in the market.”
Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: “As the economy seemingly returns to some semblance of normality, we are seeing increased activity in certain areas of the investment market, allowing us to increase our focus on using our existing healthy cash resources and recycle capital into investment opportunities within modern economy sectors supported by structural tailwinds.”
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
