Balanced Commercial Property Trust (BCPT) has agreed a deal to sell the 10,800 sq ft multi-let office asset at 17A Curzon Street in London for an undisclosed price.
BCPT has now contracted on seven office disposals since the start of December 2023 generating aggregate sales proceeds of £129.52m at an average discount of 4.1% to the then-preceding valuations.
The company said the price achieved on the Curzon Street sale represents a “relatively narrow” 2.3% discount to the 31 March 2024 valuation.
Following completion of the sales, BCPT’s portfolio exposure to the office sector will reduce to 16% by capital value, compared with 29.5% as at 30 June 2023. The board of BCPT said it does not currently expect to announce any further sales in the near-term.
Richard Kirby, fund manager of BCPT, said: “This latest disposal underlines not only the liquidity within the company’s portfolio but our ability to deliver value-accretive asset management strategies through market cycles. The quality of the underlying assets within the portfolio has enabled us to dispose successfully of holdings across the office sector, including capital-heavy multi-let assets, the structurally challenged regional business park segment and the low-yielding Central London markets. Accordingly, we believe the portfolio is now better positioned to deliver shareholder value.”
