UK Commercial Property Trust, advised by Ignis Asset Management, has completed the sale of a retail property at 2-8 Buchanan Street in Glasgow to the Cordea Savills European Retail Fund for GBP10.45m, in line with its most recent valuation.
The property was one of the smallest in the UKCPT portfolio and its disposal is in line with the company’s strategy to sell smaller, lower yielding properties and to reduce its exposure to the high street retail sector.
The sale also crystallises a strong return on the investment, which achieved an average return of 7.7 per cent per annum since its acquisition by UKCPT in July 2010.
UKCPT was advised by Winton Faith, and the buyer was advised by Savills.