Last checked at 24 Sep 2012 14:57
To: RNS
Date: 24 September 2012
From: F&C Commercial Property Trust Limited
Disposal of Property
The Board announces that, on 24 September 2012, the Group completed the sale of its property at 84 Eccleston Square, London SW1 for £49.0 million. The sale price compares to the last external valuation of £45.0 million reflecting a net initial yield of 6.08 per cent.
The rationale for the sale was to take advantage of the current strong demand from overseas investors for Central London properties especially with potential to convert to residential uses. The sale also manages the portfolio's lease expiry profile avoiding the risk of lease expiries and future requirements for capital expenditure in March 2014 when £3.1 million of rental income from this property is due to expire.
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 745324
Fax: 01481 745051
Richard Kirby
F&C REIT Property Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268