Balanced Commercial Property Trust Ltd - Sales Activity
PR Newswire
LONDON, United Kingdom, January 12
To: Company Announcements
Date: 12 January 2024
Company: Balanced Commercial Property Trust Limited
LEI Number: 213800A2B1H4ULF3K397
Sales Activity
BCPT agrees £42.8 million aggregate sale of three office properties.
Balanced Commercial Property Trust Ltd ('BCPT' or the 'Company') announces it has agreed the sale of three office holdings in a strategic move to reduce its office exposure. The sale comprises two regional out of town business park holdings in Edinburgh and Aberdeen and a multi-let asset in London's West End. The sales have been agreed at an aggregate sale price of £42.8 million, representing a 0.3% discount against September's independent valuation, the last valuation prior to the assets being launched to market.
The Company has completed the sale of Nevis & Ness House, Edinburgh Park, a 42,000 sq ft headquarters office occupied by Diageo Scotland Limited, and Building 4, Prime Four Business Park, Aberdeen a 25,000 sq ft training centre occupied by Maersk Training UK Limited. In a separate transaction BCPT has exchanged contracts on the sale of 2-4 King Street, London SW1, a multi-let holding of 15,000 sq ft in London's West End. The sale will complete mid- January.
The sales have been executed as part of BCPT's strategy to reduce portfolio exposure to the office sector. Following the completion of the disposals, BCPT's office exposure will fall to 25.4% by capital value from 28.4% (as at September 2023) as the Company continues to align its portfolio towards structurally supported growth sectors such as industrial & logistics, retail warehousing and operational alternatives.
Richard Kirby, Fund Manager of BCPT, said: "Our investment ethos has always focused on high quality real estate with strong fundamentals, and the pricing achieved on these sales underlines the importance of taking a quality-led approach. Our active management of the asset base ensures the portfolio is always evolving to capitalise on underlying market dynamics and we expect to make further positive announcements in the near future."
All enquiries to:
Richard Kirby
Columbia Threadneedle REP AM Plc
Tel: 020 7464 5000
Innes Urquhart
Winterflood Securities Limited
Tel: 0203 100 0265
Dion Di Miceli / Tom MacDonald / Stuart Muress / James Atkinson
Barclays Bank PLC
0207 623 2323
BarclaysInvestmentCompanies@barclays.com
