Balanced Commercial Property Trust Ltd - investor in UK commercial properties, formerly known as BMO Commercial Property Trust - Announces disposal of 17A Curzon Street, a 10,800 square foot multi-let office holding in London. Has exchanged an unconditional contract to sell the property at ‘a relatively narrow’ 2.3% discount to its valuation as of March 31. Notes that ‘a phased refurbishment strategy has set a record rental tone for the building, thus presenting an opportune moment to crystallise the value created from the successful delivery of the asset management plan for the holding’. Says that following completion its exposure to the office sector will be down to 16.0% by capital value, based on valuations as of March 31, from 29.6% at June 30.
Company notes that it has agreed seven office disposals since December, raising £129.5 million in total sales proceeds, ‘at an average discount of 4.1% to the then-preceding valuations’. This should leave it with approximately £120 million in cash upon completions. Says it does not currently expect to announce any further sales in the near-term future.
Current stock price: 83.60 pence
12-month change: up 16%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
