- Commercial property investor UK Commercial Property REIT said it has sold its Kew Retail Park asset to a UK housebuilder for £41 million.

The company, which is managed and advised by Aberdeen Standard Investments, owns 4.7 acres of the 10 acre retail park, comprising 61,765 sq ft of gross lettable area across five units which are fully let on short leases to a range of tenants, including Boots, Sports Direct, Gap and TK Maxx.

It will receive a consideration of £41 million for the asset, 'marginally' below the 31 December 2020 book value.

Lead manager of UKCM at Aberdeen Standard Investments Will Fulton said: '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.'

Story provided by