UK Commercial Property Trust reported an 8.3% share price return for the quarter in its latest trading update amid a continued shift toward industrial assets.
The FTSE 250 company, which has a £1.3bn mixed commercial portfolio, saw its NAV rise 1.7% to 88.9p per share, with annual rental income up £2.1m off the back of four new leases.
In the past few quarters, the company has reduced its footprint in the London office market, selling 13 Great Marlborough Street, W1, for £30.5m in January to reinvest in industrial assets.
It then completed its forward funding of a 280,000 sq ft industrial logistics warehouse in Burton on Trent for £17.5m in a move to target more inflation-linked, sustainable income-producing assets.
Andrew Wilson, chairman of UKCPT, said: “Despite ongoing uncertainty following the recent general election, UKCPT’s defensive portfolio is well positioned to combat headwinds.”
UKCPT said it is in ongoing discussions about REIT conversion and a decision is expected before the end of the year.
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