BMO Com Pty Tst Ltd Disposal of Cassini House for £145.5m
09 Septiembre 2021 - 01:00AM
UK Regulatory
TIDMBCPT
To RNS
Date 9 September 2021
LEI Number 213800A2B1H4ULF3K397
From BMO Commercial Property Trust Limited
Property Sale
Disposal of Cassini House for £145.5m
BMO Commercial Property Trust Limited (LSE: BCPT) is pleased to announce the
disposal of Cassini House located in St. James', London. The property is a
prime multi-let freehold office building and represents the second largest
holding in the portfolio.
The Company has sold the property for a total consideration of £145.5million,
reflecting a substantial increase of 11 per cent over the last external
valuation of 30 June 2021 and 19 per cent over the year-end valuation of 31
December 2020. The disposal represents the culmination of a long-term business
plan which involved a complete refurbishment, introduction of new tenants and
re-gearing of leases.
This disposal is entirely consistent with the strategy of rebalancing the
portfolio and the Company will carefully consider the use of the proceeds in
the best interests of all shareholders. This includes further share buy-backs
as well as property acquisitions and capital expenditure opportunities in the
existing portfolio where planning consent has been achieved. The Company's
existing share buy-back programme is ongoing.
Richard Kirby, lead manager, commented:
"Following a competitive bidding process in which the Company received several
high-quality proposals, we are pleased to achieve a strong net initial yield1
of 3.2 per cent for this trophy property and crystallise significant value for
the portfolio. This disposal will allow the Company to promptly recycle capital
in a strong pipeline and adjust sector weightings. We look forward to providing
a further update of the use of proceeds in due course."
[1] Aggregate rent divided by valuation plus estimated purchaser's costs
All enquiries to:
Richard Kirby
BMO REP Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268
END
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September 09, 2021 02:00 ET (06:00 GMT)
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