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Acquisition(s)

17 Jan 2022 07:00

BMO Commercial Property Trust Ltd - Acquisition(s)

BMO Commercial Property Trust Ltd - Acquisition(s)

PR Newswire

London, January 14

To: RNS

Date: 17 January 2022

Company: BMO Commercial Property Trust Limited

LEI Number: 213800A2B1H4ULF3K397

Subject: Acquisitions by BMO Commercial Property Trust Limited (“BCPT” or “the Company”)

BCPT acquires two logistics assets in December 2021 for £66 million and commits to two developments for £10.5 million originating from the Company’s existing portfolio.

These initiatives accord with the strategy of re-cycling capital by increasing the Company’s exposure to the prime industrial and logistics sector with strong ESG credentials. The acquisitions represent the first phase of the re-investment of the gross sale proceeds of £199.5million generated from the sale of Cassini House, London and two retail warehouse assets in East Kilbride and Rochdale. The acquisitions are completed in parallel with a share buyback programme, with 48.3 million of the Company’s shares having been purchased since June 2021 at a cost of £47.4 million. The portfolio’s weighting to the industrial and logistics sector has increased to 30.6 per cent as at 31.12.21 compared to 19.1 per cent as at 31.12.2020.

The Company has acquired Orion One and Two, Markham Vale, Derbyshire for a price of £44.5million reflecting an initial yield of 3.7% and a low capital value of £148 per sq ft. The two newly built units were completed in April 2021 and are located within Derbyshire’s 200-acre flagship redevelopment scheme adjoining junction 29A of the M1 Motorway. Orion One extends to 224,424sq ft and is let to The National Lighting Company Limited on a lease term expiring in August 2031 at a rent of £1,289,000 per annum with a rent review at the 5th year, linked to RPI and collared and capped at 1.50 – 3.50 per cent per annum. Orion Two comprises a smaller unit of 75,958 sq ft and is let to Smurfit Kappa UK Ltd on a lease expiring October 2031 (tenant break October 2026) at a commencing rent of £475,000 per annum, subject to a rent review in the fifth year. Both units have rent free periods in place, all of which expire during 2022. The units have been constructed to institutional standards and benefit from strong ESG credentials having achieved an EPC rating of A and BREEAM rating of very good.

The second acquisition is Unit 4, Quintus Business Park, Burton-Upon-Trent which is structured as a forward funding to develop a new logistics warehouse of 171,550 sq ft. The property has been pre-let to Werner UK Sales & Distribution Limited on a lease term upon completion of 15 years (tenant break after 10 years) at a rent of £1,072,000 per annum, with 5 yearly rent reviews linked to RPI and collared and capped at 2.00 - 4.00 per cent per annum. The purchase price is £21.5 million which equates to an initial yield of 4.84 per cent. The Company has acquired the land and met certain development costs incurred to date which amounts to £5.6 million of the purchase price. The development has achieved planning consent and is expected to complete in July 2022. The unit will have strong ESG credentials with an A rated EPC and a BREEAM Excellent rating being targeted.

During lockdown the Company delayed un-committed capital expenditure. In light of improving markets and outlook a number of opportunities in the existing portfolio have been reviewed with the confidence of progressing two larger projects. At Estuary Business Park, Speke, Liverpool the Company has committed to the speculative development of a 52,000 sq ft mid-box logistics unit on land already owned and adjoining an existing ownership. The total construction cost is expected to be in the region of £4.8 million with an income return on cost forecast to be c.6.50 per cent when let.

In Colchester the Company has secured planning consent to demolish an obsolete warehouse unit at the Cowdray Centre and the re-development of c.35,000 sq ft to form a new multi-unit trade counter park. This development will also be undertaken speculatively and will incur expenditure of c.£5.7million. It is expected a start on site will commence this quarter and early marketing has identified encouraging tenant demand.

Richard Kirby, Director, BMO Real Estate Partners, commented. “The acquisition of these two assets accords with the re-cycling of capital to increase BCPT’s exposure to prime, modern industrial and logistics assets in established locations with the added benefit of increasing BCPT’s tenant roster with leases linked to RPI and assets achieving strong underlying ESG credentials. The commitment to the developments at Colchester and Liverpool demonstrates further evidence of the value embedded within the existing portfolio. “

Date   Source Headline
3rd Nov 20153:02 pmPRNDividend Declaration
27th Oct 20157:00 amPRNNet Asset Value
15th Oct 20155:46 pmPRNRe-issue : Dividend Declaration
4th Sep 20151:33 pmPRNInterim Accounts to NSM
3rd Sep 20151:24 pmPRNDividend Declaration
27th Aug 20157:00 amPRNHalf-yearly Financial Report
31st Jul 20154:45 pmPRNAcquisition of Property
31st Jul 20154:26 pmPRNDividend Declaration
16th Jul 20157:00 amRNSNet Asset Value(s)
3rd Jul 20153:09 pmPRNDisposal of Property
30th Jun 20153:25 pmPRNDividend Declaration
3rd Jun 20155:03 pmPRNHolding(s) in Company
29th May 20151:31 pmPRNDirectorate Change
28th May 20153:52 pmPRNResult of Annual General Meeting
28th May 20151:01 pmPRNDividend Declaration
5th May 20152:58 pmPRNDividend Declaration
28th Apr 20159:24 amPRNNet Asset Value(s)
24th Apr 201511:54 amPRNAGM Notice
17th Apr 20153:54 pmPRNHolding(s) in Company
10th Apr 20157:00 amRNSFinal Results
24th Mar 201510:10 amPRNChanges to Board Composition
20th Mar 201510:42 amPRNDividend Declaration - Replacement
19th Mar 20151:03 pmPRNDividend Declaration
3rd Mar 201512:47 pmPRNDividend Declaration
3rd Feb 20153:39 pmPRNDividend Declaration
26th Jan 20154:48 pmPRNCompliance with Model Code
26th Jan 201510:05 amPRNNet Asset Value(s)
7th Jan 20153:30 pmPRNDividend Declaration
2nd Jan 20153:22 pmPRNCompletion of Group Refinancing
10th Dec 201411:55 amPRNHolding(s) in Company
4th Dec 20144:35 pmPRNDirectors Notification
26th Nov 20141:21 pmPRNDividend Declaration
11th Nov 20143:23 pmPRNFacility Agreement Update
7th Nov 20145:08 pmPRNResults of General Meeting
6th Nov 20144:01 pmPRNDividend Declaration
3rd Nov 20143:22 pmPRNHolding(s) in Company
16th Oct 20143:30 pmPRNProposed Refinancing and Changes to the Articles
13th Oct 20147:00 amPRNNet Asset Value(s)
7th Oct 20142:57 pmPRNDividend Declaration
1st Oct 20147:00 amPRNTotal Voting Rights
8th Sep 20144:14 pmPRNHalf Yearly Report - Notice of NSM
5th Sep 20141:03 pmPRNIssue of Equity
4th Sep 201412:23 pmPRNDividend Declaration
28th Aug 20147:00 amPRNHalf-yearly Report
8th Aug 20145:13 pmPRNHolding(s) in Company
5th Aug 20143:57 pmPRNDividend Declaration
25th Jul 20141:18 pmRNSCompliance with the AIFMD
21st Jul 20147:00 amRNSNet Asset Value and Property Acquisition
15th Jul 20142:44 pmRNSDirector Notification
1st Jul 20142:12 pmRNSDividend Declaration

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