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UK Commercial Property REIT Ltd on Wednesday said it has fully let its new 107,000 square foot industrial development, Sussex Junction, in Bolney, West Sussex. The UK-focused real estate investment trust said the development is made up of three industrial units. One 47,000 square foot unit has been let to asset storage and concierge business, Birch Sussex Ltd, on a 15-year lease without a break, and will deliver annual rental income of around £677,000, UKCM said. The other two units, which total around 60,000 square feet, were pre-let in November 2021 to geological survey company, CGG on 15-year leases at a combined annual rent of around £781,000. UKCM Fund Manager at abrdn Will Fulton said: ‘The logistics occupier market continues to perform well with demand outstripping supply for well-located, high quality assets, as demonstrated by the speed with which we have been able to let our newly completed units at Sussex Junction, while at the same time improving the rents.’ Shares in UK Commercial Property REIT were up 0.1% at 52.87 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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