UK Commercial Property Trust announces Quarterly NAV increase

Posted on 22 July, 2015 by Neil Bird

UK Commercial Property Trust (UKCPT) has today announced an unaudited NAV per share of 85.4 pence at 30 June 2015, representing a 1.5 per cent increase on the audited NAV per share of 84.1 pence reported in March, and a 2.6 per cent total return in the quarter.


The value of the Guernsey based property investment company’s portfolio increased by 1.3 per cent over the course of the quarter, on a like-for-like basis, to over £1.2 billion.

This breaks down to £527.4 million in retail assets, £345.2 million in the industrial sector, £271.7 million in offices and £97.4 in leisure and other assets.

During the period UKCPT agreed to the sale of 176-2016 Kensington High Street and completed the disposal of 134-138 North Street Brighton for a combined sum of over £80 million. The Kensington High Street sale is expected to be completed this September and the company will continue to receive rental income from the property until this date.

In May UKCPT let 30,300 sq ft at the Charles Darwin Shopping Centre in Shrewsbury to Primark. A £12 million investment will now follow, comprising the fit out of the store and the refurbishment of the destination’s public areas, which will include new floors, ceilings and lighting.

The void rate across the portfolio currently stands at 3.3 per cent, a slight rise from the 3.2 per cent recorded in March. Allowing for tenant failures and administrations the void rate could rise to 3.9 per cent, but UKCPT is comfortable with the fact that both figures remain below the IPD benchmark of 6.8 per cent.

As at 30 June, gross gearing stood at 18.5 per cent (net gearing of 9.6 per cent). Taking into account the forthcoming proceeds from the Kensington sale, the company will have around £163 million available for reinvestment, with a number of acquisitions reported to be at various stages of negotiation and other targets being actively considered.

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