BMO Com Pty Tst Ltd Disposal of Cassini House for £145.5m

 
TIDMBCPT 
 
To                                RNS 
Date                            9 September 2021 
LEI Number                 213800A2B1H4ULF3K397 
From                            BMO Commercial Property Trust Limited 
 
 
Property Sale 
 
Disposal of Cassini House for £145.5m 
 
BMO Commercial Property Trust Limited (LSE: BCPT) is pleased to announce the 
disposal of Cassini House located in St. James', London. The property is a 
prime multi-let freehold office building and represents the second largest 
holding in the portfolio. 
 
The Company has sold the property for a total consideration of £145.5million, 
reflecting a substantial increase of 11 per cent over the last external 
valuation of 30 June 2021 and 19 per cent over the year-end valuation of 31 
December 2020. The disposal represents the culmination of a long-term business 
plan which involved a complete refurbishment, introduction of new tenants and 
re-gearing of leases. 
 
This disposal is entirely consistent with the strategy of rebalancing the 
portfolio and the Company will carefully consider the use of the proceeds in 
the best interests of all shareholders. This includes further share buy-backs 
as well as property acquisitions and capital expenditure opportunities in the 
existing portfolio where planning consent has been achieved. The Company's 
existing share buy-back programme is ongoing. 
 
Richard Kirby, lead manager, commented: 
 
"Following a competitive bidding process in which the Company received several 
high-quality proposals, we are pleased to achieve a strong net initial yield1 
of 3.2 per cent for this trophy property and crystallise significant value for 
the portfolio. This disposal will allow the Company to promptly recycle capital 
in a strong pipeline and adjust sector weightings. We look forward to providing 
a further update of the use of proceeds in due course." 
 
 
[1] Aggregate rent divided by valuation plus estimated purchaser's costs 
 
 
All enquiries to: 
 
Richard Kirby 
BMO REP Asset Management plc 
Tel: [phone] 
 
Graeme Caton 
Winterflood Securities Limited 
Tel: [phone] 
 
 
 
 
END 
 
 

(END) Dow Jones Newswires

September 09, 2021 02:00 ET (06:00 GMT)