Disposal

RNS Number : 3476P

F&C Commercial Property Trust Ld

23 October 2012

 



To:                   RNS

Date:               23 October 2012

From:              F&C Commercial Property Trust Limited

Disposal of Property

The Board announces that, on 18 October 2012, the Company exchanged contracts to sell its long leasehold interest in 385/389 Oxford Street, London W1 for £28.1 million. The property is entirely let to Boots UK Limited on a lease expiring in June 2019 at an annual passing rent of £1,075,000 (£700 Zone A).

The sale price compares to the last external valuation of £23.9 million and reflects a net initial yield of 3.62 per cent.

The disposal realises substantial capital growth following the completion of a strategy of asset enhancements which included the negotiation of an early lease renewal and rent review settlement, and takes advantage of the current strong demand from overseas investors for Central London retail properties. It provides an opportunity for capital to be deployed into new opportunities to provide a higher income return for the Company.

All enquiries to:

The Company Secretary                                                               

Northern Trust International Fund Administration Services (Guernsey) Limited       

Trafalgar Court                                                                               

Les Banques                                                                                  

St. Peter Port                                                                                 

Guernsey GY1 3QL                                                                       

Tel: [phone]

Fax: [phone]

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

END

 

 

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