Columbia Threadneedle’s Balanced Commercial Property Trust has sold three office buildings for £42.8m as it reduces it exposure to the sector.
The assets sold by BCPT comprise out-of-town business park holdings in Edinburgh and Aberdeen and an office in London’s West End.
The sales represent a 0.3% discount to September’s valuation.
They form part of the property trust’s strategy to reduce its exposure to offices. As a result, capital values fell to 25.4%, down from 28.4% in September. BCPT is attempting to align its portfolio towards structurally supported growth sectors such as industrial and logistics, retail warehousing and operational alternatives.
Richard Kirby, BCPT’s fund manager, said: “Our investment ethos has always focused on high-quality real estate with strong fundamentals, and the pricing achieved on these sales underlines the importance of taking a quality-led approach. Our active management of the asset base ensures the portfolio is always evolving to capitalise on underlying market dynamics and we expect to make further positive announcements in the near future.”
The 42,000 sq ft Nevis & Ness House, at Edinburgh Park, is occupied by Diageo Scotland, while the 25,000 sq ft Building 4 at the Prime Four Business Park, Aberdeen is occupied by Maersk Training. The 15,000 sq ft 2-4 King Street, SW1, is multi-let.
The sale will complete mid- January.
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