Portfolio Update

RNS Number : 8978B

ING UK Real Estate Income Trust Ltd

22 August 2008

 



22 August 2008

ING UK Real Estate Income Trust Limited

ING UK Real Estate Income Trust announces a further disposal

ING UK Real Estate Income Trust Ltd ('IRET' / 'the Company'), a Guernsey registered closed-ended investment company, today announces that it has exchanged contracts on the sale of a retail warehouse asset at 9/17 Western Road, Mitcham for GBP 4.5 million. 

The property comprises two retail warehouse units, totalling 16,716 sq ft (1,553 sq m) one unit is let to Netto on a lease that expires in 2009 and there is an additional unit which is currently vacant.  The asset currently generates a net rental income of GBP 131,400 per annum and the sale price reflects a net initial yield of 2.8%.

The sale is in line with IRET's strategy to reduce the number of smaller assets within the portfolio with a view to reducing overall debt within the vehicle, and follows a number of other recent disposals.  Completion is scheduled for October 2008.

Commenting, Michael Morris, Fund Manager, said:

'We facilitated this owner occupier disposal through a surrender of an existing occupational lease and we are pleased, particularly in the current market, to have made a disposal at a price that is both NAV and income accretive.' 

For further information:

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]

ING Real Estate Investment Management (UK) Limited

Helen Stott, 020 7767 5648, [e-mail]

Financial Dynamics

Dido Laurimore/Laurence Jones, 020 7831 3113

 

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