UKCM sells Wembley180 asset for £74m

UK Commercial Property REIT said it had sold its Wembley180 logistics asset in London to Covent Garden IP for £74m.

The deal reflects a net initial yield of 3.49% and is broadly in line with the company's March 2023 valuation.

UKCM has owned the property since 2009 and completed a refurbishment of the asset in 2019 when it let the unit to a global e-commerce company until 2029. It will primarily use the proceeds to enhance earnings by paying down a substantial amount of its £93m floating rate Rolling Credit Facility, currently costing 6.3% per annum.