The UK Commercial Property Trust provided a total return of 5.2% in the six months to 30 June, behind the MSCI/IPD benchmark of 6.2%.
Its NAV per share rose marginally by 2.9% to 85.4p, of which capital growth accounted for 2.4%. The trust’s portfolio is now valued at £1.2bn.
Following debt refinancing, gross gearing now stands at 18.5% at a blended interest rate of 2.89%.
During the period the trust sold the Sovereign Centre, Weston-super-Mare; Pall Mall Court, Manchester; and assets in North Street, Brighton and Kensington High Street, W8, for a total of £133m.
Christopher Hill, chairman of UKCPT, said: “During the first half, UKCPT continued to deliver positive shareholder returns, albeit at a steadier pace than in 2014. The portfolio generated positive income and capital returns of 2.5% and 2.4% and the investment manager took advantage of the strong market to sell a number of assets that had limited future return prospects.”
