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UK Commercial Property REIT Ltd on Friday said that it has sold its Temple Quay office building to Tri7 Ltd, a real estate investment and asset management firm, for £14.5 million.
The FTSE 250-listed UK Commercial Property is managed by abrdn PLC.
According to the firm, it sold 2 Rivergate in Temple Quay, Bristol, in line with its December 31 valuation. The building is let for one more year to the secretary of state for Levelling Up, Housing & Communities until March 2025.
‘Although well located in Bristol, this property is close to the end of its economic life with a short lease left to run. Having worked on many options we believe this investment would most benefit from a significant injection of rejuvenation capital a process that necessitates an extended period of no income,’ said Will Fulton, fund manager of UKCM at abrdn.
UK Commercial Property REIT shares were trading 0.7% higher at 64.17 pence each in London on Friday morning.
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