UK Commercial Property Trust has sold 176-206 Kensington High Street, W8, and 134-138 North Street, Brighton, £82.7m in total.
Proceeds from the assets, which UKCPT considers to be non-core, are to be reinvested in selective institutional-grade assets with sustainable incomes.
UKCPT is advised by Standard Life Investments.
The Kensington High Street asset, which comprises a 1.13-acre plot, 57,000 sq ft of retail and 108 flats, was bought by a private purchaser.
After it acquired the property, UKCPT implemented asset management initiatives including reconfiguring the retail units and attracting new tenants such as YO! Sushi, Sports Direct, Kuoni and Snow + Rock.
The sale of 132-134 North Street in Brighton is part of UKCPT’s move away from smaller lot sizes. The property is let to Sainsbury’s, Sports Direct and Poundland and carries an average 4.5 years unexpired term.
Will Fulton, fund manager at Standard Life Investments, said: “Having successfully implemented asset management initiatives at both properties, we have taken the strategic decision to sell into a strong investment market and intend to use the proceeds to reinvest into higher-yielding assets with an opportunity to redeploy our asset management skillset to grow long-term income. To this end, we are pursuing a number of investment opportunities.”
Colliers advised UKCPT and CBRE advised the purchaser on the sale of 176-206 High Street Kensington. KLM acted for UKCPT on the sale of 134-138 North Street, while the purchaser was advised by Savills.
