UK Commercial Property Trust To Revamp Centre After Luring Primark

LONDON (Alliance News) - UK Commercial Property Trust Ltd Tuesday said it has let a 30,300 square ...

Alliance News 12 May, 2015 | 12:41PM
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LONDON (Alliance News) - UK Commercial Property Trust Ltd Tuesday said it has let a 30,300 square foot store over two levels at the Charles Darwin Shopping Centre in Shrewsbury to fashion retailer Primark, a move that triggers a GBP12 million investment programme by the trust to refit the store and improve the public areas of the shopping centre.

"Securing this significant letting to Primark is not only an asset management game-changer for our shopping centres in Shrewsbury, through the magnet affect we believe Primark will generate, but it is also expected to be a significant building block in our strategy to improve the company's overall retail sector performance," said Will Fulton, fund manager at Standard Life Investments.

Standard Life Investments advises UK Commercial Property Trust.

The store, which is Primark's first in Shrewsbury, is a reconfiguration of nine existing units, the trust said. A comprehensive fit-out is to be undertaken, creating a modern new shopping environment.

Primark is owned by Associated British Foods PLC.

UK Commercial Property Trust shares were down 0.1% at 89.95 pence Tuesday afternoon.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
UK Commercial Property Ord 84.58 GBX 2.65 -
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