Last checked at 30 Sep 2021 07:00
BMO Commercial Property Trust Ltd - Property SaleBMO Commercial Property Trust Ltd - Property Sale
PR Newswire
London, September 29
To RNSDate 29 September 2021LEI Number 213800A2B1H4ULF3K397 From BMO Commercial Property Trust Limited
Property Sale
Disposal of Retail Properties in Rochdale for £35.0m
BMO Commercial Property Trust Limited (LSE: BCPT) is pleased to announce the disposal of its holding at Dane Street, Rochdale. The asset is a purpose-built supermarket with a 12-pump filling station and an adjacent retail warehouse.
The Company has sold the properties for a total consideration of £35.0 million at an initial yield of 4.75 per cent. The sale price reflects an increase of 9 per cent over the last external valuation at 30 June 2021 and 12 per cent over the year-end valuation at 31 December 2020. The supermarket is let to Asda Stores Limited and the adjoining retail warehouse to DSG Retail Limited t/a Currys/PC World. The disposal follows the successful re-gearing of the Asda lease and extension of the term expiry date out to December 2038. The Currys lease expiry is March 2022.
This disposal continues the strategy of adopting a higher level of activity within the portfolio as the Company moves to recycle capital and adjust sector weightings. The Company’s existing share buy-back programme is ongoing.All enquiries to:Richard KirbyBMO REP Asset Management plcTel: 0207 499 2244Graeme CatonWinterflood Securities LimitedTel: 0203 100 0268