UK Comm Property Trust sells properties in London and Brighton for £82m

9th Jun 2015 08:05

Investment group UK Commercial Property Trust (UKCPT) has reached an agreement to sell two properties in London and Brighton for a combined £82.7m.The FTSE 250 group said it has sold 176-206 Kensington High Street in London and completed the divestment of 134-138 North Street in Brighton, after the company deemed both assets to be non-core to its current strategy.The former property, which has been sold to a private purchaser, comprises 57,000 square feet of retail and 108 residential flats, while the latter is let to Sainsbury's, Sports Direct and Poundland."We have taken the strategic decision to sell into a strong investment market and intend to use the proceeds to reinvest into higher yielding assets," said Will Fulton, fund manager at Standard Life Investments, which acted as advisor over the transaction.UKCPT shares were flat at 88.00p at 08:17 on Tuesday.