TAP.L Regulatory News (TAP)

27 Jul 2005 09:00

Teesland Advantage Property Inc Tst27 July 2005 TEESLAND ADVANTAGE PROPERTY INCOME TRUST LIMITED (the "Company") NET ASSET VALUE PER SHARE Teesland Advantage Property Income Trust Limited is pleased to announce a NetAsset Value per share of 100.2 pence as at 30 June 2005. The Net Asset Value iscalculated in accordance with International Accounting Standards. The Net Asset Value incorporates the portfolio revaluation as at 30 June 2005,which reflected an overall increase of 8.0% over the 31 March 2005 valuation.Much of this increase was the result of the gains made from restructuring theleases on a number of the Group's properties occupied by Halfords. There-structuring involved the payment of a premium to Halfords in exchange forremoval of a number of break options, early agreement of rent reviews due nextyear and addition of minimum rental uplifts to a number of leases. The increasein value of the relevant properties substantially exceeded the costs and premiumpaid. Chris Fish, the Chairman said: "I am particularly pleased to be able to report,at this early stage of the Company's life, an increase in NAV to over 100p, theprice at which the shares were issued in February. This is a result of thesuccessful completion of one of the asset management initiatives beingundertaken by the Property Fund Adviser." For further information contact: Anson Fund Managers LimitedCompany Secretary Tel: Guernsey 01481 722260 27 July 2005 This information is provided by RNS The company news service from the London Stock Exchange