Disposal

RNS Number : 5675P

IRP Property Investments Ltd

26 March 2009

 

To:               RNS

From:          IRP Property Investments Limited   

Date:           26 March 2009

IRP Property Investments Limited

Disposal of 48-49 St James's Street, London SW1

On 26 March 2009, IRP Property Investments Limited ('IRP') disposed of its office property
in St James's Street for £16.0 million, at an initial yield of 4.35 per cent.

The property was acquired by IRP on 1 June 2004 for a cost of £10.0 million and its valuation as at 31 December 2008 was £14.45 million, making it the second largest property in the Company's portfolio. 

The cash proceeds from this sale have reduced the net borrowings of the Company to approximately £44.0 million, giving a pro-forma Loan to Value ('LTV') percentage of 28 per cent, based on the 31 December 2008 valuations. This compares with an actual LTV of 38 per cent as at 31 December 2008.

The Company will be releasing its 31 March 2009 net asset value in April 2009. 

All Enquiries:

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]

Ian McBryde
Scott Macrae
F&C Investment Business Ltd

Tel: [phone]

Fax: [phone]

 

END

 

 

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