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UK Commercial Property Trust acquires Phoenix portfolio for £503m

UK Commercial Property Trust Ltd, a new, closed ended, Guernsey registered investment company on 20 September 2006 acquired initial property portfolio from Phoenix & London Assurance Limited and Phoenix Life & Pensions Limited for aggregate consideration of £503.6m. The properties were externally valued as having a market value of £497.8m, generating a current net annual rent of £24.4m. UK Commercial Property Trust Ltd will invest in UK Commercial Property, which property will generally be held through its property subsidiary, UK Commercial Property Holdings Ltd, the UK CPT Ltd Partnership for other property holding subsidiaries.

The initial property portfolio comprised 20 properties forming a diversified portfolio of UK Commercial Pr...[…]