INDUSTRY NEWS

Commercial property gets £80m loan

UK Commercial Property Trust Ltd has secured a £80 million loan from Lloyds TSB Scotland, Thomson Financial News has reported.

The loan facility will last for seven years and the fund will support all general corporate purposes and commercial acquisitions.

The deal leaves UK Commercial Property with around £120 million, which it said would place it in a strong position to take advantage of the opportunities of commercial property markets.

A lack of finance and liquidity in financial markets has added to the difficulties experienced by commercial property investors.

According to property funds firm, Invista, European commercial property prices are set to fall between five and ten per cent this year.

Tony Smedley, head of continental European funds, told Reuters recently the European situation was likely to get worse before it gets better.

He said: "My sense is that valuations have come off a bit but there haven’t been the transactions to evidence that."

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