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UK Commercial Property REIT (UKCM)

Business description

UKCM’s objective is to provide ordinary shareholders with an attractive level of income, together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio. The majority of the portfolio will be invested in direct holdings across four key sectors: industrial, retail, office and leisure. The preferred lot size is between £20m and £50m, larger than many in the peer group and reflecting its larger size.

Stock data

Market cap.£1157.8m
Last close89.10p
High / Low (52 weeks)92.0p / 85.5p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Company news

Investment summary

UK Commercial Property Trust (UKCM) is one of the largest UK real estate investment companies and aims to be among the lowest risk in the sector, reflected by its low level of gearing. The portfolio was repositioned in 2015 and UKCM has outperformed its benchmark since March 2016. In recent months, UKCM has moved underweight the weaker shopping centre subsector, as well as making its first hotel investment, which increased the proportion of RPI-linked and long-dated income to 15.2%. The manager sees significant reversionary potential for the portfolio, with its estimated rental value (ERV), based on market rents, indicating c20% upside to rental income, giving the prospect of near-term earnings growth and potentially providing scope for future dividend increases.

Last updated on 28/02/2018

Key management

Andrew Wilson, Chairman
Will Fulton, Fund manager
Graeme McDonald, Real Estate Finance Manager
Graham Miller, Marketing Manager

Company address

1 George Street
Edinburgh
EH2 2LL
United Kingdom
0345 600 2268
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