Balanced Commercial Property Trust Ltd - Two further office sales and new lettings at St Christopher's Place
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
For Immediate Release
("BCPT" or the "Company")
Two further office sales and new lettings at St Christopher's Place
Following these sales, BCPT’s portfolio exposure to the office sector has reduced to 17.8% by capital value (based on
In addition, BCPT announces that it has secured four new leases at St Christopher’s Place with the aim of capitalising on strong fundamentals and growing demand in the food and beverage (‘F&B’) sector.
Strategic disposals of offices in
These selective disposals follow competitive bidding processes and are in continuance of BCPT’s portfolio rebalancing strategy, which was announced in
Since the beginning of
The sale of
Leasing activity at St Christopher's Place reflecting growing demand in the F&B sector
The Company’s flagship asset, St Christopher’s Place is a unique property; a prime
Over the past twelve months, BCPT has successfully rebalanced the tenant mix by repurposing traditional retail units to place F&B, an attractive and growing sector, at the heart of the estate’s offering. Between
The Company's investment manager believes that the estate’s focus on F&B will drive investment fundamentals with superior rents, longer leases and improved capitalisation rates, while also enhancing the consumer experience and occupier dynamics of the estate by extending dwell time, consumer spend and active trading hours.
As part of this strategy, BCPT has exchanged an agreement for lease at 10/
BCPT has also exchanged an agreement for lease with Noreen, a new Middle Eastern restaurant concept, at 28-32 St Christopher’s Place, a substantial double-fronted unit in the heart of the estate. In addition, Bar Kroketa, a Spanish restaurant and bar concept, and Morena, an all-day dining concept with a Latin-American inspired menu, have both agreed new leases.
“We have now disposed of six office holdings since
“The F&B sector has proven itself to be highly resilient in recent years and an increasingly attractive sub-sector of the market for investors. The Company's flagship asset is well-positioned to take advantage of these trends. St Christopher’s Place endured a challenging time during the pandemic but I am pleased to see the buoyant levels of activity at the estate, signalling the estate moving from recovery into a growth phase.”
All enquiries to:
CT Real Estate Partners LLP
Tel: 0207 499 2244
Tel: 0203 100 0265
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
LEI Number
The Company's LEI Number is 213800A2B1H4ULF3K397.
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