UK Commercial Property REIT has bought West Gate, a 98,000 sq ft office building on Hanger Lane in west London, for £35m.
UKCM said the building, which is let to Kantar for the next 10 years, “presents a number of redevelopment options as part of the medium-term business plan”.
It added that conversion to industrial was “the most likely option” given the property’s close proximity to Park Royal.
The industrial-heavy REIT today announced that its NAV per share had grown by 4.8% over the quarter, and 9% since the start of the year. This equates to a NAV total return of 5.5% for Q3 and 15.1% for the year to date. The value of the portfolio increased by 4.7% to £1.3bn, while rent collection rose to 92%.
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