Disposal of Property

RNS Number : 5995N

TR Property Investment Trust PLC

15 June 2010

 



TR Property Investment Trust Plc

15^th June 2010

TR PROPERTY INVESTMENT TRUST SELL CAMBRIDGE OFFICE BUILDING

TR Property Investment Trust Plc, managed by Thames River Capital LLP, has completed the sale of the leasehold interest in Unit 270, Cambridge Science Park, Cambridge, from the Ordinary share class portfolio.  The sale price was £6.7m which reflects a net initial yield of 9.0% and a gross capital value per sq ft of £182 per sq ft.  The sale price is ahead of the March 2010 Book Value.

The property is held on a 125 year lease expiring in December 2112 at a geared rent of 15% of the rents receivable.  The freehold is owned by Trinity College, Cambridge.

The 38,900 sq ft office building was built in 1989 and is let in its entirety to Worldpay Ltd, a wholly owned subsidiary of Royal Bank of Scotland, on a lease expiring in December 2015 at a gross rent of £750,000 per annum (£19.28 per sq ft overall).

Following completion of the sale, direct property holdings in the Ordinary share class portfolio will total 9% of gross assets.  The Trust plans to reinvest the proceeds of the sale back into physical property.

For further information please contact:

Chris Turner 020 7360 1332

Marcus Phayre-Mudge 020 7360 1331

 

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