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UKCPT acquires pre-let industrial development

10 February 2017 07:40

UK Commercial Property Trust Ltd has completed the forward purchase of a pre-let 258,370 sq ft distribution warehouse development in Burton upon Trent for a total of about £22.2m.

This price reflected a yield on capital of 5.8%.

The deal was in line with UKCPT's strategy to focus its portfolio on assets that deliver a higher and sustainable income, and the acquisition would be funded by the proceeds delivered by the disposal in January 2017 of 13 Great Marlborough St for £30.5m, at a 3.3% net initial yield.

The acquisition comprised 14.8 acres of land at Centrum West in Burton upon Trent where the vendor, the specialist logistics developer Goodman, is developing a large scale distribution warehouse that has been pre-let to Palletforce Limited.

The tenant has committed to a 15-year lease at £5.58 psf, or £1.4m a year, with RPI inflation-linked rent increases of between 1%-3% a year, compounded and payable five yearly.

Story provided by StockMarketWire.com

Related Company: UKCM

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