UKCM sells £30m Motor Park 

UK Commercial Property REIT has sold Motor Park in Portsmouth to Glasgow City Council for £29.8m. The purchase price for Motor Park, which consists of seven car showrooms, represents a 3% discount to the December 2019 valuation. Snows Business Holdings, which operates BMW, Mini and Seat dealerships, as well as Harwoods, which operates an Audi dealership, have all signed for new leases. The REIT has also completed the sale of Broadbridge Retail Park in Horsham, West Sussex, to Delancey and Tritax for £18.1m, in line with September and December valuations. Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: “Through our successful asset management activity we were able to increase the average unexpired lease length at Motor Park and enhance its value, which we have crystallised for our investors with this sale. “These disposals also give us additional firepower to reinvest into attractive, income accretive assets, for example in the alternatives sector, where we see longer term opportunity to deliver reliable returns.”   To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette