Acquisition/Disposal

28 Mar 2007 13:30

Teesland Advantage Property Inc Tst28 March 2007 28 March 2007 Teesland Advantage Property Income Trust Limited ("TAP" or "the Company") Portfolio Trading Update TAP (LSE:TAP), the listed UK commercial property investment company, announcesthe successful acquisition of an industrial property for £1.95 million and thesale of a prime retail property for £2.1 million. Unit 6, Bedlay View, Tannochside Park, Glasgow A modern distribution unit totalling 31,250 sq ft has been acquired from clientsof Henderson Global Investors for £1.95 million reflecting an income return of6.82%. The property is situated on an established business park, approximatelynine miles to the east of Glasgow City Centre within the central belt ofScotland. The property is let to Land of Leather on a lease expiring in 2016 andthe next rent review is in February 2011. Due to the current shortage of similar type units across Scotland's centralbelt, and the growing demand from regional and national operators for welllocated distribution properties, this acquisition offers TAP the potential forrental growth. The acquisition, financed through a combination of existing debt and saleproceeds, is in line with the Company's investment strategy and furtherdiversifies TAP's portfolio, whilst providing future income growth and addedvalue opportunities. 39 Eastgate Street, Chester A prime retail shop has been sold to a private individual for £2.1 millionreflecting an income yield of 3.83%. The property, let to Thornton's Limited fora further four years, is situated on Eastgate Street, Chester's principal retailthoroughfare. Following the recent settlement of the 2006 rent review, theproperty's rent was increased by 5.0% to £85,000 per annum . The sale reflects a 6.3% increase over valuation and a profit of £0.1 millionfor the Company. TAP is advised by Teesland Asset Management Limited, a wholly owned subsidiaryof Teesland iOG. For further information: Mark Carrington/Brett Robinson, Teesland Plc 020 7659 6666 Rachel Drysdale, Tavistock Communications Ltd 020 7920 3150 Anson 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