THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION.
22 July
2024
For Immediate
Release
Balanced Commercial
Property Trust Limited
("BCPT" or the "Company")
Disposal of multi-let
office holding at 17A Curzon Street, London W1
The Board of the BCPT is
pleased to announce the sale of 17A Curzon Street, London W1. Following completion, BCPT's
portfolio exposure to the office sector will reduce to 16.0% by
capital value (based on 31 March 2024
valuations), down from 29.6% as at 30 June
2023.
The asset at 17A Curzon
Street, London is a multi-let
office of 10,800 sq. ft. where 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.
The Company has exchanged an unconditional contract for the sale,
with completion due in early August
2024. The price achieved represents a relatively narrow 2.3%
discount to the 31 March 2024
valuation.
BCPT has now contracted on
seven office disposals since the start of December 2023. These disposals have raised
aggregate sales proceeds of £129.52 million at an average discount
of 4.1% to the then-preceding valuations. Following completion of
the sales, BCPT is expected to have cash of approximately £120
million.
The Board does not
currently expect to announce any further sales in the
near-term.
Richard Kirby, Fund Manager of BCPT,
said:
"This latest disposal
underlines not only the liquidity within the Company’s portfolio
but our ability to deliver value-accretive asset management
strategies through market cycles. The quality of the underlying
assets within the portfolio has enabled us to dispose successfully
of holdings across the office sector, including capital-heavy
multi-let assets, the structurally challenged regional business
park segment and the low-yielding Central
London markets. Accordingly, we believe the portfolio is now
better positioned to deliver shareholder
value."
All enquiries
to:
Richard Kirby
CT Real Estate Partners
LLP
Tel: 0207 499
2244
Innes Urquhart
Winterflood Securities
Limited
Tel: 0203 100
0265
Dion Di Miceli / Tom
MacDonald / Stuart Muress /
James
Atkinson
Barclays Bank
PLC
0207 623
2323
BarclaysInvestmentCompanies@barclays.com
MAR
This announcement is released by the Company and the
information contained within this announcement is deemed by the
Company to constitute inside information for the purposes of
Article 7 of the UK version of the EU Market Abuse Regulation
(Regulation (EU) No.596/2014) which forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information
Service, such information is now considered to be in the public
domain.
LEI
Number
The Company's LEI Number is
213800A2B1H4ULF3K397.