Mayflower Acq. Regulatory News (MAY)

22 Sep 2005 16:24

Mapeley Limited22 September 2005 PRESS RELEASE22 September 2005 Mapeley Limited Mapeley Agrees to Purchase 6 UK Office Properties for £99 Million, making a total of £338 Million Invested so far in 2005 Mapeley Limited (LSE: MAY), the property investment and outsourcing company, announces the purchase of a portfolio of six office properties for a total cashconsideration of £99 million from a private investor. The properties comprise 417,000 sq ft (38,700 sq m) of office space which are fully let and income producing. The portfolio produces net rental income of £7.16 million per annum. Of the six properties, four are freehold interests in Tricentre 2, Fleming Way, Swindon; Rowland House, Boythorpe Road, Chesterfield; Orchard House, Penny Street, Blackburn and Oak House, Reeds Crescent, Watford. The remaining two properties are leasehold interests in Tricentre 1 and Tricentre 3, Fleming Way, Swindon. Completion of the purchase of the leasehold interests will take place when the landlord's license to assign is received. The tenants at the properties are The First Secretary of State, The Post Office,Rhodia UK Limited and Zurich Assurance Limited. Jamie Hopkins, Chief Executive Officer of Mapeley, said "We are pleased to announce this transaction, which brings us to a total of £338 million invested this year. The average initial yield of the properties we have acquired this year is 7.25%. We are well on our way to achieving our £400 million target of new investments for the year." Mr. Hopkins adds "The commercial property portfolio we have acquired today is let to strong credit quality tenants and produces stable income." -ends- For further information please contact:Tim McCallMJ2 Business CommunicationsTel: +44(0)20 7491 7776 / +44(0)7753 561862Email: tim.mccall@mj2ltd.com / Mapeley@mj2ltd.com This information is provided by RNS The company news service from the London Stock Exchange