Last checked at 23 Oct 2012 14:16
To: RNS
Date: 23 October 2012
From: F&C Commercial Property Trust Limited
Disposal of Property
The Board announces that, on 18 October 2012, the Company exchanged contracts to sell its long leasehold interest in 385/389 Oxford Street, London W1 for £28.1 million. The property is entirely let to Boots UK Limited on a lease expiring in June 2019 at an annual passing rent of £1,075,000 (£700 Zone A).
The sale price compares to the last external valuation of £23.9 million and reflects a net initial yield of 3.62 per cent.
The disposal realises substantial capital growth following the completion of a strategy of asset enhancements which included the negotiation of an early lease renewal and rent review settlement, and takes advantage of the current strong demand from overseas investors for Central London retail properties. It provides an opportunity for capital to be deployed into new opportunities to provide a higher income return for the Company.
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: 020 7499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 020 3100 0268