Abrdn’s UK Commercial Property REIT has sold Craven House, W1, for £22m to Bywater Properties.
UKCM bought the office building, at 34 Fouberts Place, in 2018. The deal represents a net initial yield of 4.6%.
The 14,800 sq ft property is let to film and TV post-production company Molinare.
UKCM said it would use the proceeds to reduce its debt.
The company has also reduced its revolving credit facility with Barclays from £180m to £150m, saving £228,000 per annum in non-utilisation costs.
At the end of the year, £37.5m of the facility was utilised, reducing to £15.7m following the sale of Craven House.
Group LTV now stands at 15.8%3 at a blended drawn cost of 3.19%, compared with 17.2% and 3.56% per annum at year end.
UKCM said EPRA EPS had grown by 6.3% over the last quarter to 3.35p.
JLL advised UKCM on the Craven House sale, while Hanover Green acted for Bywater.
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