Last checked at 20 Jul 2009 12:40
20 July 2009
F&C COMMERCIAL PROPERTY TRUST LIMITED ('the Company')
Purchase of Property
The Board is pleased to announce that, on 17 July 2009, the Company exchanged contracts to purchase Site E4, Daventry International Rail Freight Terminal (DIRFT) Logistics Park, Daventry, for £17.25 million representing a net initial yield of 9.05%. DIRFT Logistics Park is one of the UK's premier distribution and logistics parks located adjacent to junction 18 of the M1 motorway.
The property, constructed in 2005, comprises a well-specified distribution warehouse of approximately 300,000 sq ft and is let to Excel Europe Ltd until 31 May 2015 at a current passing rent of £1,650,000 per annum. The tenant operates, under contract, Mothercare's national distribution centre from the property.
This is the first acquisition by the Company since its launch in March 2005. The purchase, to be made from the Company's available cash resources, will enhance the Company's revenue account and dividend cover. Completion of the purchase is scheduled for 29 July 2009.
All enquiries:
Richard Kirby
F&C REIT Asset Management LLP
Tel: 0207 016 3577
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey GY1 3QL
Tel: 01481 745324
Fax: 01481 745051