TAP Management Fees Reduced

5 Mar 2008 07:00

Teesland Advantage Property Inc Tst05 March 2008 5 March 2008 Teesland Advantage Property Income Trust Limited ("TAP" or "the Company") TAP MANAGEMENT FEES REDUCED, VALAD RETAINED TAP, the UK listed commercial property investment company, is pleased toannounce that it has retained Valad Asset Management (UK) Limited (ValadProperty Group) as its Property Fund Adviser. The new terms agreed include an asset management fee of 65 basis points ofaggregate gross asset value with effect from 1 July 2008. The term of thecontract has been agreed through to September 2010 and includes mutual optionsto terminate the contract. Christopher Fish, Chairman of TAP said: "This negotiation represents a reductionof the management fee payable by the Company of some 23.5%. This will positivelyaffect the total expense ratio and improve dividend cover and continues ourfocus on adding to shareholder value. The new Valad Property Group team hasevolved from the successful Teesland team (the original Property Fund Adviser)and incorporates senior Valad executives including Peter Hurley and DidierTandy, in addition to Chris Carter Keall, who will provide a new impetus toValad's instruction for TAP" Chris Carter Keall of Valad Property Group said "TAP is an excellent vehicle toshow our "Value Add" philosophy in the UK and the Channel Islands. We arepleased to assist the Company in the implementation of future strategies andlook forward to continuing our mutually beneficial relationship." For further information: Chris Carter Keall, Valad Property Group: 020 7659 6666Graham Swindells, Kaupthing, Singer & Friedlander 020 3205 7500Jeremy Carey/Simon Hudson, Tavistock Communications Limited 020 7920 3150Anson Fund Managers Limited, Company Secretary 01481 722260 E&OE - in transmission END OF ANNOUNCEMENT This information is provided by RNS The company news service from the London Stock Exchange