TAP.L Regulatory News (TAP)

16 Oct 2006 07:30

Teesland Advantage Property Inc Tst16 October 2006 Teesland Advantage Property Income Trust Limited ("TAP" or " The Company") Net Asset Value as at 30 September 2006 TAP, the UK commercial property investment company, announces that its unauditedNAV per Ordinary Share as at 30 September 2006 was 115.2 pence compared with112.55 pence as at 30 June 2006, representing an increase of 2.35%. During the period, TAP announced the acquisition of two investment propertiesfor a total of £3.3m (reflecting a net initial yield of 6.73% with areversionary yield of 6.82%) and the sale of a property for £3.15m. TAP acquired from the Gleeson Group an office building totalling 5,868 sq ft onBalliol Business Park, Newcastle upon Tyne which is let to Gleeson BuildingLimited for a further four years together with a light industrial unit in MiltonKeynes let to engineering firm, SS White, for a further 18 years. The Company also completed the sale of Isleworth House, which was acquired aspart of the larger portfolio from the Gleeson Group in June 2006. The propertyhas been sold as a development opportunity for £3.15m reflecting a net saleprofit of £0.4m. The NAV attributable to Ordinary Shares is calculated under InternationalFinancial Reporting Standards. The portfolio will next be valued as at 31December 2006 with the NAV published in January 2007. TAP is advised by Teesland Asset Management Limited, a wholly owned subsidiaryof Teesland iOG. For further information: Brett Robinson, Teesland plc: 020 7659 6666Darren Fennell, Teesland plc 020 7659 6666Jeremy Carey/Richard Sunderland, Tavistock Communications 020 7920 3150Anson Fund Managers Limited, Company Secretary 01481 722260 E&OE - In transmission This information is provided by RNS The company news service from the London Stock Exchange