South West London retail park asset sold to national housebuilder in £41m deal
UK Commercial Property REIT Limited (UKCM) has sold its portion of a London retail park to a UK housebuilder in a multi-million pound deal.
UKCM has sold its Kew Retail Park asset in South West London to the housebuilder for a total sum of £41m.
UKCM owned 4.7 acres of the 10-acre park, comprising 61,765 sq ft of gross lettable area across five units.
The units are fully let on short leases to a range of retail tenants including Boots, Sports Direct, Gap and TK Maxx.
Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, commented: “This disposal allows us to continue our portfolio repositioning strategy with the sale of a low growth retail asset via a transaction with a leading UK housebuilder.
“The transaction permits us to take advantage of strong demand for residential development opportunities and generates further capital for us to invest into income accretive properties, particularly modern economy assets with the potential to deliver sustainable and growing income returns over the long term.”
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