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He propertybought from United KingdomCommercial property REIT (UKCM), will become part of the investment portfolio of The Church of Jesus Christ and Latter-day Saints, which was valued at $44.8 billion by the end of 2022.
The property, Wembley180, was bought by covent garden IP, which is registered as a charity company with the aim of “promoting and furthering the religious and charitable work of the Church of Jesus Christ of Latter-day Saints in the UK.”
“CG does this by investing in and holding commercial property for the benefit of the Church,” the organization says.
The company earned £5.6m in investment income in 2021, mainly from rentals, and paid £2.3m to the Church. As of the end of 2021, he owned nearly £100m worth of property at the end of that year.
Dale Bills, spokesman for the buyer, said: “The purchase of Wembley180 furthers our efforts to make prudent long-term investments. Proceeds from our investments are expected to support the religious and charitable work of the Church of Jesus Christ of Latter-day Saints in the UK.”
UKCM bought the property in 2009 and said the sale price reflects a net initial yield of 3.49%.
“People have been looking for signs of where prices are in the commercial property world,” Will Fulton, a UKCM fund manager, told Standard. “And this supports the valuations.”
Fulton added that he believed the Mormon Church would likely have a long-term interest in the property.
“That would probably suit both of us,” he said.
UKCM will use the proceeds of the settlement to pay its debt costs.
“This arrangement allows us to crystallize the value we have created through the timely acquisition of an asset in a prime London logistics location and our subsequent active asset management of the property, including a long-term lease to an e-commerce business. globally”, Fulton said. “We will use the proceeds of the sale to improve earnings, mainly by paying off part of the short-term debt.”
The Mormon Church has bought a 186,455-square-foot Amazon warehouse in Wembley for £74 million.
The property, purchased from UK Commercial Property REIT (UKCM), will become part of the Church of Jesus Christ and Latter-day Saints’ investment portfolio, which was valued at $44.8 billion by the end of 2022.
Dale Bills, spokesman for the buyer, said: “The purchase of Wembley180 furthers our efforts to make prudent long-term investments. Proceeds from our investments are expected to support the religious and charitable work of the Church of Jesus Christ of Latter-day Saints in the UK.”
Last week, a former fund manager for the Church’s US investment arm told the 60 Minutes news program that the company had used false statements to pose as a charity, when in fact it was a “underground hedge fund”. CBS station 60 Minutes said church leaders denied the allegations.
UKCM bought the property in 2009 and said the sale price reflects a net initial yield of 3.49%.
“People have been looking for signs of where prices are in the commercial property world,” Will Fulton, a UKCM fund manager, told Standard. “And this supports the valuations.”
Fulton added that he believed the Mormon Church would likely have a long-term interest in the property.
“That would probably suit both of us,” he said.
UKCM will use the proceeds of the settlement to pay its debt costs.
“This arrangement allows us to crystallize the value we have created through the timely acquisition of an asset in a prime London logistics location and our subsequent active asset management of the property, including a long-term lease to an e-commerce business. globally”, Fulton said. “We will use the proceeds of the sale to improve earnings, mainly by paying off part of the short-term debt.”
DTRE advised UKCM on the deal, while DWS and Knight Frank advised the buyer.
Ben Sleath, the DTRE agent on the deal, said CG likely saw an opportunity for the property’s rent to increase in the future.
“The buyer is likely to expect some rental growth,” he said. “They are happy to accept a low return for now in the hope of higher returns in the future.”
Sleath added that despite a slowdown in growth rates, e-commerce was still on the rise, making warehouse properties more valuable.
Shares in UKCM, which has a £1.3bn property portfolio, were up 0.9p to 51.9p today.
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