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01 Mar 2021 | 08:22

UKCM sells Sheffield office asset for £17m

(Sharecast News) - UK Commercial Property REIT (UKCM) announced the sale of Hartshead House, a single-let office investment in Sheffield, to Arella Property Holding on Monday, for £17m. The FTSE 250 real estate investment trust said the sale price reflected the asset's December book valuation.

It said the disposal proceeds would be targeted at sectors supported by long-term structural economic drivers, including the continued rise of e-commerce and urbanisation, which were expected to deliver "resilient" rental income.

"This latest disposal is in line with our ongoing strategy to focus our portfolio on modern economy, future fit, property sectors and assets that benefit from structural changes in the way we interact with real estate," said Will Fulton lead manager of UKCM at its investment manager, Aberdeen Standard Investments.

"We remain a diversified portfolio, strongly weighted to the industrial and logistics market, and continue to look for opportunities to deploy capital."

At 0808 GMT, shares in UK Commercial Property REIT were up 0.58% at 69p.
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