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UKCPT makes two acquisitions for GBP50m

04 January 2016 07:27

UK Commercial Property Trust Ltd has made two acquisitions for GBP50.8m.

It has acquired the Central Square office building in Newcastle for GBP21.6m from Parabola Estates, reflecting a net initial yield of 6.4%. The 72,389 sq ft Grade A office space is multi-let to a range of corporate tenants, producing a combined passing rent of £1.45 million per annum and with a WAULT of 8.8 years.

In a separate transaction, UKCPT has also acquired a 140,000 sq ft leisure scheme in Glasgow for GBP29.2m, in an off-market deal. Located in Glasgow's city centre, the complex is anchored by a 100,000 sq ft Cineworld cinema on a long term lease, with a further 30,000 sq ft of leisure accommodation across three units. The current rent is GBP1.66m a year.

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Related Company: UKCM

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