UK Commercial swings to a loss

UK Commercial Property Trust (UKCPT) swung into the red in the first half of the year and suffered a decline in its net asset value. The largest UK commercial property trust yesterday posted a loss before tax of £4.43m in the six months to 30 June against a profit of £32.8m this time last year, while NAV fell from 75.5p a share to 72.3p. During the period the company generated a rise in annual rental income of £1.3m, helped by 20 new lettings including signing retailer Debenhams as its anchor tenant at its £150m Riverside redevelopment in Shrewsbury.