Property Disposal

9 Jan 2007 09:30

Teesland Advantage Property Inc Tst09 January 2007 9 January 2007 Teesland Advantage Property Income Trust Limited ("TAP") Disposal of two retail premises in Hove for £1.656 million TAP, the listed UK commercial property investment company, which is advised byTeesland Asset Management Limited ("the PFA"), announces that it has completedthe sale of two retail units in Hove, for a combined price of £1.656 million. The first property, 17 George Street, is let to WHSmith Plc on a lease expiringin March 2011. It was sold for £810,000 reflecting a net initial yield to thepurchaser of 4.88%. The adjacent property, 19 George Street, is let to Portman Building Societyuntil March 2021. It was sold for £846,000 reflecting a net initial yield tothe purchaser of 4.64%. The two properties were acquired by TAP as a single asset in February 2005 andthe PFA marketed them as separate assets in order to maximise pricing. The combined net proceeds of sale reflect a 16% profit on cost and 2.5% overvaluation. Mark Carrington of Teesland Asset Management Limited commented "The disposalsare in line with the Company's investment strategy, which includes the strategicdisposal of lower yielding assets with ex-growth characteristics". Further attractive opportunities are sought which will be financed throughadditional borrowing capacity and sales proceeds. 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 E&OE - in transmission This information is provided by RNS The company news service from the London Stock Exchange