Disposal of Property

RNS Number : 1321F

TR Property Investment Trust PLC

06 October 2008

TR PROPERTY INVESTMENT TRUST PLC

6th October 2008

TR Property Investment Trust sells Woking office building

TR Property Investment Trust Plc, managed by Thames River Capital LLP, has completed the sale of the freehold interest in Elizabeth House, Duke Street, Woking, from the Ordinary share class portfolio. The sale price was £7.5 million (before sales costs of £75,000) which reflects a net initial yield of 5.97% and a capital value per sq ft of £145 per sq ft assuming purchasers costs of 5.75%.

The 54,600 sq ft office property built in the 1970's is let in its entirety to Gallaher Ltd for a further 73 years at a rent geared to 68.7% of rental value. The current rent of £470,244 per annum equates to £9.30 per sq ft.

Following completion of the sale, direct property holdings in the Ordinary share class portfolio will total 11.7% of gross assets.

Chris Turner, Fund Manager, commented 'We are delighted with this sale at what we consider to be a fair market price. The sale underlines the Trust's strategy of arbitraging between physical property and listed property company shares and will further bolster our significant cash holdings. The Trust has the financial flexibility to consider investment opportunities that might arise over the coming months but will continue to proceed with caution'.