TAP.L Regulatory News (TAP)

1 Jul 2005 13:00

Teesland Advantage Property Inc Tst01 July 2005 TEESLAND ADVANTAGE PROPERTY INCOME TRUST LIMITED (THE "COMPANY") PORTFOLIO RESTRUCTURING Teesland Advantage Property Income Trust is pleased to announce a recentportfolio transaction. The Company has of 30 June 2005 agreed with Halfords, the Company's largesttenant, to restructure a number of its leases. The restructuring involves thepayment of a premium to the tenant in exchange for removal of a number of breakoptions, early agreement of rent reviews due next year and addition of minimumrental uplifts to a number of leases. The increase in value of the relevantproperties will substantially exceed the premium to be paid. The net benefit, after also allowing for the increase in value of the relevantproperties over the quarter to the end of June, is estimated to add in excess of5p to the Net Asset Value per share of the Company. The lease re-structuring also has the effect of increasing the average leaselength of the portfolio to around 10.43 years as at 30 June 2005. For further information contact: Anson Fund Managers LimitedCompany Secretary Tel: Guernsey 01481 722260 1 July 2005 This information is provided by RNS The company news service from the London Stock Exchange