Portfolio Activity

RNS Number : 9322N

F&C Commercial Property Trust Ld

21 June 2010

 



F&C Commercial Property Trust Limited ('the Company')

Portfolio Activity

The Board is pleased to announce that, on 18 June 2010, the Company completed the purchase of Units 6 & 8, Buckshaw Avenue, Revolution Park, Chorley ('the Property') for £24.6 million to reflect a net initial yield of 9.15%.

Revolution Park is a new distribution warehouse development on 128 acres and is located one mile west of Junction 8 of the M61 and two miles east of Junction 28 of the M6. The Property comprises a modern detached distribution warehouse totalling 368,513 sq ft. Upon completion, the Property will be let to Kimberly Clark Limited on a new 11 year lease, subject to a rent free period of 12 months. The lease provides for fixed 2% annual uplifts.

The purchase, to be made from the Company's available cash resources, will enhance the Company's revenue account and dividend cover.

The Board also announces that the Company has disposed of all its remaining units in both the Industrial Property Investment Fund and The Mall LP ('the Indirect Holdings'). The aggregate consideration was £9.0 million, which provides an uplift of £2.9 million compared to the combined value of the Indirect Holdings as at 31 March 2010. Following these disposals, the Company's portfolio comprises only investments in directly held property.

The Board is also pleased to announce the letting of the former Borders Books unit at Newbury Retail Park to Marks and Spencer Simply Food, at a commencing rent of £300,000 per annum subject to a rent free period of nine months. 

All enquiries:

Richard Kirby

F&C REIT Asset Management LLP

Tel: [phone]

 

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