TAP.L Regulatory News (TAP)

8 Jan 2007 07:30

Teesland Advantage Property Inc Tst08 January 2007 8 January 2007 Teesland Advantage Property Income Trust Limited ("TAP" or "the Company") Acquisition of Trident Retail Park, Birmingham for £4.57 million TAP, the listed UK commercial property investment company, advised by TeeslandAsset Management Limited ("the PFA"), announces that it has acquired TridentRetail Park, Watery Lane, Birmingham for £4.575 million. The acquisitionreflects a net initial yield of 3.38% and a net reversionary yield of 6.58%. The 29,600 sq ft park comprises four retail warehouse units. Two units are letto Brantano and Hein Gericke on leases expiring in 2020 and 2021 respectively,generating an annual rent of £163,500. The two remaining units are vacant andcomprise 17,150 sq ft of accommodation, of which the PFA has occupationalinterest in 5,110 sq ft. The PFA has identified an opportunity to reposition the property from retailwarehouse occupiers towards trade counter operators with an expectation thatfull occupancy will be obtained over the next 12 months. Commenting on the acquisition, Darren Fennell of Teesland Asset Management,said, "The acquisition is in line with the our investment strategy ofmaintaining a diversified portfolio and identifying properties with good assetmanagement potential in strong locations, where rental growth and lettingopportunities can be maximised." "We continue to seek further attractive opportunities, which will be financedthrough proceeds of sale from anticipated future strategic disposals andadditional borrowing capacity." TAP is advised by Teesland Asset Management Limited, a wholly owned subsidiaryof Teesland iOG, which, with over £3.2 billion funds under management, is one ofEurope's leading independent property fund and asset managers. For further information: Brett Robinson, Teesland Plc 020 7659 6666Darren Fennell, Teesland Plc 020 7659 6666Jeremy Carey/ Richard Sunderland, Tavistock Communications Ltd 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