|
UK Commercial Property REIT Ltd on Friday said that it has sold its Temple Quay office building to Tri7 Ltd, a real estate investment and asset management firm, for £14.5 million. The FTSE 250-listed UK Commercial Property is managed by abrdn PLC. According to the firm, it sold 2 Rivergate in Temple Quay, Bristol, in line with its December 31 valuation. The building is let for one more year to the secretary of state for Levelling Up, Housing & Communities until March 2025. ‘Although well located in Bristol, this property is close to the end of its economic life with a short lease left to run. Having worked on many options we believe this investment would most benefit from a significant injection of rejuvenation capital a process that necessitates an extended period of no income,’ said Will Fulton, fund manager of UKCM at abrdn. UK Commercial Property REIT shares were trading 0.7% higher at 64.17 pence each in London on Friday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
