UK Commercial Property REIT (UKCM) has bought a 拢16.6m (鈧�18m) supermarket, agreed to a 拢29.1m student accommodation forward funding deal and a completed a 拢25.4m industrial asset disposal.
The listed UK commercial property firm, managed and advised by Aberdeen Standard Investments, said it has bought the 33,000sqft ASDA supermarket in Torquay, Devon from .
UKCM is also funding the development of a 230-bed purpose-built student accommodation asset at 41-45 Gilmore Place in central Edinburgh. The purchase of land is expected to complete in February 2021, with delivery of the asset due in 2022, the company said.
The company said it has also sold the M8 Interlink Industrial Estate in Coatbridge for 拢25.4m, adding that the disposal is in line with UKCM鈥檚 strategy to generate capital for reinvestment into opportunities with longer-term fundamentals, the company said.
Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: 鈥淭hrough these acquisitions, we are enhancing our income and increasing the portfolio鈥檚 exposure to the alternatives sector. At the same time, this disposal is in line with our ongoing strategy to refine the portfolio and recycle capital into opportunities which offer longer-term income growth potential.鈥�
Fulton said the ASDA supermarket provides access to a long leased, convenience led asset in a strong location with a growing income stream through index-linked rent reviews in a segment of retail that has proven its resilience during the COVID-19 pandemic.
鈥淲hilst the current COVID-19 environment has created a challenging environment for students we anticipate good demand for the 2022/23 academic year and beyond.
鈥淭his scheme is not only in an excellent location in one of the world鈥檚 leading university cities but will also offer students high-quality modern accommodation with amenities.鈥�
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