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UKCM sells Dolphin House and 6 Arlington Street

28 June 2016 09:36

UK Commercial Property Trust (UKCM) completed the sale of Dolphin House, an office in Sunbury-on-Thames, and completed the sale of 6 Arlington Street, in London's St James's.

The sales were completed in two separate transactions for a total consideration of £45.6 million, which together represented an aggregate 14% premium to 31 March 2016 market value.

These sales, which were agreed with their respective purchasers prior to the result of the UK referendum on EU membership, leave the company with approximately £70 million of uncommitted cash.

Following these transactions, and based on the company's 31 March valuations, net leverage is approximately 10.8% (gross leverage 18.2%) at a weighted average fixed cost of 2.89% per annum.

The weighted average term of the company's borrowings is approximately six and a half years, with the next refinancing due in April 2020.

UKCPR fund manager Will Fulton said: "Having successfully implemented a series of asset management initiatives at both properties, the company took the decision to sell earlier in the year in order to maximise the capital return in this phase of both assets' economic cycle, and to create value for UKCPT shareholders."

At 9:36am: (LON:UKCM) UK Commercial Property Trust share price was +2.63p at 67.63p

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