(Alliance News) - UK Commercial Property REIT Ltd said on Wednesday it had acquired a science and technology focused business park in Warwick for GBP94 million.
The Guernsey-based commercial property investment trust said the acquisition of Precision Park is expected to increase the company's gearing by 15%.
Precision Park includes two distribution units extending to over 380,000 square feet, 65,442 square feet of office accommodation and development land spanning 3.7 acres.
Both distribution units are currently let to two tenants: IT service management company Iron Mountain Ltd and the Secretary of State for the Department of Health & Social Care, Sajid Javid.
The office accommodation is let to two technology-focused tenants, including Mumbai, Indian-based Tata Consultancy Services, the company added.
The acquisition takes UK Commercial Property's total committed investment to nearly GBP233 million for the year.
Interim Lead Manager Kerri Hunter said: "Its purchase is an excellent fit to fund strategy as it is a multi-faceted investment, encompassing all aspects of what we're trying to achieve - it not only offers solid income streams but also the opportunity to drive superior performance through asset management and development."
UK Commercial Property added that it expects to announce an increased dividend for the fourth quarter of 2021.
Shares in UK Commercial Property were up 0.8% at 74.25 pence on Wednesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
UK Commercial Property Trust (UKCM)