UK Commercial Property Trust has increased its NAV by 0.8% over the third quarter of 2015.
The NAV rose to 86.1p per share at the end of September 2015 marking a total return for the quarter of 1.9%.
In total the value of the portfolio rose to £1.25bn, a like-for-like increase of 1.4%.
Over the quarter the company purchased Eldon House in the City of London for £28.6m at an initial yield of 4.6% and acquired the Ventura Park industrial estate in Hertfordshire in a swap with SEGRO which included the sale of an ASDA centre in Northampton for £31m and a payment to SEGRO of £36.1m
In Capital terms the company shifted from high street retail to City offices and Industrial over the quarter.
Will Fulton, fund manager at Standard Life Investments, advisors to UK CPT commented:
“During the third quarter we have continued our efforts to reposition UKCPT’s portfolio for long term income growth, both through our ongoing value accretive asset management activities and through a number of high quality acquisitions. With £94 million of cash available to deploy we are well placed to execute further transactions and are actively looking at a number opportunities which, like the recent acquisitions of Eldon House and Ventura Park, offer strong potential.
“Our gearing remains the lowest in our peer group and, as a vehicle to invest in as we move through the cycle, we are confident that UKCPT is very well positioned to deliver income-based returns as capital growth in the wider market begins to moderate.”
