TAP.L Regulatory News (TAP)

31 Aug 2006 07:30

Teesland Advantage Property Inc Tst31 August 2006 31st August 2006 Teesland Advantage Property Income Trust Limited ("TAP" or "the Company") Acquisition and Disposal of Office and Industrial Properties TAP, the listed UK commercial property investment company, which is advised by Teesland Asset Management Limited, a wholly owned subsidiary of Teesland iOG, announces the acquisition of two investment properties for a total of £3.3 million (reflecting a net initial yield of 6.73% with a reversionary yield of 6.82%) and the sale of a property for £3.15 million. TAP has acquired from the Gleeson Group an office building totaling 5,868 sq ft on Balliol Business Park, Newcastle upon Tyne which is let to Gleeson Building Limited for a further 4 years together with a light industrial unit in Milton Keynes let to engineering firm, SS White, for a further 18 years. The company has also completed the sale of Isleworth House which was acquired as part of the larger portfolio from the Gleeson Group in June 2006. The property has been sold as a development opportunity for £3.15 million reflecting a net sale profit of £0.4 million. Admitted to listing on the London and Channel Islands Stock Exchange in February 2005, the Company's objective is to provide shareholders with an attractive level of income (the dividend yield is currently in excess of 6%) and potential for income and capital growth from investing in a diversified portfolio in the UK and the Channel Islands. TAP is advised by Teesland Asset Management Limited, a wholly owned subsidiary of Teesland iOG, which, with £2.6 billion funds under management, is one of Europe's leading independent property fund and asset managers. For further information: Brett Robinson, Teesland plc: 020 7659 6666Mark Carrington, Teesland plc: 020 7659 6666Jeremy Carey/Richard Sunderland Tavistock Communications Limited: 020 7920 3150Anson Fund Managers Limited, Company Secretary: 01481 722260 This information is provided by RNS The company news service from the London Stock Exchange