Acquisition

Insight Foundation Property Tst Ltd 08 November 2005 8th November 2005 Insight Foundation Property Trust Limited Acquisition of National Magazine House, Broadwick Street, London, W1 Insight Foundation Property Trust Limited ('the Company') announces that it has completed on the acquisition of National Magazine House, 72 Broadwick Street, W1 from Shaftesbury PLC for £45.05 million reflecting a net initial yield of 5.29%. The property is the London headquarters of publisher The National Magazine Company whose titles include Harpers & Queen, Cosmopolitan and Esquire. The National Magazine Company Limited has a 15 year lease expiring in September 2018 on this 55,000 sq ft (5,110 sq m) office building at an annual rent of £2.27 million, equating to £40 per sq ft (£430.56 per sq m). The property also comprises 11 flats totalling 11,000 sq ft (118 sq m) producing over £250,000 of rental income per annum. There is a rent review on the office space in 2008 that should be well timed to benefit from West End rental growth. The transaction follows the recent £100 million C Share issue which was undertaken by the Company to enable it to re-weight its investment portfolio towards the Central London and South East of England office markets. Insight Investment believes that increasing the Company's weightings towards these sectors of the property market will improve the anticipated returns for Shareholders. Commenting on the transaction, Duncan Owen, Managing Director, Property, at Insight Investment, said: 'We are very pleased to have concluded our third major Central London acquisition this year realising our strategic ambition of increasing the Company's weighting to this area of the market. 'National Magazine House offers the Company exposure to a well located asset with a secure covenant in an improving area of Central London where there is a shortage of good quality buildings offering large clear floorplates.' -ENDS- Enquiries: Duncan Owen (Insight Investment Management) Tel: 020 7321 1676 Paul Smith / Jeff Lanyon (RBSI) Tel: 01481 740 820 Stephanie Highett / Dido Laurimore (Financial Dynamics) Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings