5 Nov 2008 07:00
5 November 2008
THE ADVANTAGE PROPERTY INCOME TRUST LIMITED
("TAP" or "The Company")
Sale and Debt Repayment
-TAP successfully disposes of a property and announces a further debt repayment-
TAP, the listed high income UK commercial property investment company announces the disposal of an industrial property for £2.3 million. The proceeds will be applied to the repayment of debt in line with the Company's stated strategy.
TAP has sold a modern distribution warehouse, totaling 47,000 sq ft situated on the Brackmills Industrial Estate in Northampton, to an owner occupier. The price achieved reflected a 4.5% premium to the September 2008 valuation.
The remaining TAP portfolio retains a slight bias toward retail, with retail warehousing 20.1%, high street retail 18.1%, offices 37.2%, industrial 20.5% and leisure at 4.1% continuing to give good sector diversification.
Commenting on the transactions, Chris Carter Keall, Fund Manager at Valad Asset Management (UK) Limited, the Property Fund Adviser, said: "Whilst benefiting from a prime location, this asset suffered from a short income stream. This transaction mitigates the risk of a void and concludes an asset management initiative".
For further information:
Chris Carter Keall/ Fraser Kennedy, VALAD Property Group 020 7659 6666
Graham Swindells/Brad Cheng, Singer Capital Markets Limited 020 3205 7500
Jeremy Carey/Simon Hudson/Gemma Bradley,
Tavistock Communications Limited 020 7920 3150
Anson Fund Managers Limited, Secretary 01481 722260
END OF ANNOUNCEMENT
E&OE - In transmission