Acquisition

RNS Number : 6824O

Invista Foundation Property Tst Ltd

02 July 2010

 



2 July 2010

Invista Foundation Property Trust Limited (the "Company"/"IFPT")

IFPT acquires high yielding office building in Sheffield

Invista Foundation Property Trust Limited announces that it has completed the acquisition of The Portergate, an office building in Sheffield, for £10.2 million reflecting a net initial yield of 9.62%.

The property is let to Aviva Life and Pensions Limited ("Aviva") for a further nine years without break at a rent of £1.039 million per annum. 

The Portergate is a modern office building providing 50,343 sq ft of good quality accommodation with 131 car parking spaces. It is situated on the edge of the city centre in a mixed-use area which also provides retail, residential and office accommodation.   

The property offers scope for value enhancing asset management initiatives, including the potential for change of use. The acquisition is consistent with the Company's strategy to acquire high yielding assets with good quality income and follows the Company's recent commitment to fund the development of a new office asset which is let to BT plc in West Bromwich, at a price reflecting a net initial yield of 7.6%.  

Duncan Owen, CEO of Invista Real Estate said: "This acquisition is part of our strategy of acquiring properties with good fundamentals, which provide the Company with exposure to high quality tenants and above average income yields but are generally located in areas that have been largely overlooked by the market. This acquisition will enhance the quality of our net operating income and will consequently help further support IFPT's dividend."

"In tandem with these new acquisitions, we continue to make good progress with asset management initiatives across the portfolio and will provide more detail in the forthcoming year end report and accounts."

- Ends -

For further information:

Invista Real Estate Investment Management Duncan Owen / Nick Montgomery	020 7153 9300
Northern Trust David Sauvarin	01481 745529
Financial Dynamics Dido Laurimore / Rachel Drysdale	020 7831 3113

 

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