Disposal

17 Aug 2006 07:01

Fletcher King PLC17 August 2006 FOR IMMEDIATE RELEASE FLETCHER KING PLC £25 million sale of SHIPS 1 commercial property portfolio Fletcher King PLC ("Fletcher King"), the London based Chartered Surveyors andProperty Fund Managers, today announces the sale of the commercial propertyportfolio of the Stratton House Investment Property Syndicate 1 ("SHIPS 1") toScottish Widows' UK Balanced Property Trust for £24.78 million representing anet initial yield of 5.9%. Colliers CRE acted on behalf of Scottish Widows. SHIPS 1 is an unregulated 5 year term investment syndicate. It was formed byFletcher King in 2002 with investment subscriptions of £6.25 million, including£250,000 of Fletcher King money, a target income yield of 8% and an overallreturn target of 15%. By 2004 the syndicate was fully invested and the sale of the portfolio todaygives the SHIPS 1 investors a return in excess of 35% p.a. on their equity. Commenting, David Fletcher, chairman of Fletcher King said: "The success of SHIPS 1 is strong evidence of our capabilities as investmentfund managers, which is the fastest growing part of our business. Our £35million property investment syndicate, SHIPS 04, which was formed in 2004 isalready fully invested and, we are about to launch a new regulated commercialproperty investment fund." END For further information please call: David Fletcher / Richard Goode, Fletcher King 020 7493 8400Christopher Joll, MJ2 020 7491 7776Dominic Amey, Colliers CRE 020 7344 6604 This information is provided by RNS The company news service from the London Stock Exchange