Last checked at 23 Dec 2016 08:49
F&C Commercial Property Trust Ltd - Disposal of PropertyF&C Commercial Property Trust Ltd - Disposal of Property
PR Newswire
London, December 23
To: RNSDate: 23 December 2016From: F&C Commercial Property Trust Limited
Disposal of Property
The Board announces that, on 22 December 2016, the Company completed the sale of its Freehold interest in 25 Great Pulteney Street, London W1 for £54.4 million, reflecting a net initial yield of 3.95 per cent. The property comprises a seven-storey building providing high quality, contemporary, Grade A office accommodation and is fully let to four tenants. The sale price compares to the valuation as at 30 September 2016 of £51.2 million.
25 Great Pulteney Street is a property that the Company fully redeveloped, completing in 2011. It was subsequently leased at high rents reflecting the quality of the building. The most recent re- letting achieved a rent of £96.50psf. The disposal crystallises substantial value for the Company, reduces its exposure to Central London and allows capital to be deployed into other opportunities. All enquiries to: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Limited Trafalgar Court Les Banques St. Peter Port Guernsey GY1 3QL Tel: 01481 745324Fax: 01481 745051 Richard KirbyBMO REP Asset Management plcTel: 020 7499 2244 Graeme CatonWinterflood Securities LimitedTel: 020 3100 0268