Disposal

RNS Number : 2337E

UK Commercial Property Trust Ltd

16 December 2009

 



16 December 2009

UKCPT sells 5 Chancery Lane 

UK Commercial Property Trust, a Guernsey registered property investment company managed by Ignis Asset Management, has sold its freehold interest in 5 Chancery Lane, London EC4 to the German special fund "HFSB Metropolen Westeuropa" for £49.3m.  

The office building is let to solicitors, Lewis Silkin LLP, on a lease expiry in March 2023 with a tenant break in March 2018. The rent is set at £3.4m per annum, increasing to £3.75m per annum in March 2013.  

The purchase provides the investor with a net initial yield of 6.52%, 

The Fund, which was launched on December 1st, 2009 and will be administered by HANSAINVEST Hanseatische Investment-GmbH, Hamburg. Initiators and managers of the Fund are APG Hanseatic Funds Asset- und Fondsmanagement GmbH, Hamburg, and S. Boehme & co. KGaA, Frankfurt am Main. . The Fund is seeking to build up a Pan-European portfolio. Chancery Lane is its first acquisition.

Robert Boag, Investment Manager, Ignis Asset Management, commented: "Having regeared the occupational lease 18 months ago, we felt that it was an appropriate time to sell. We have taken advantage of the current strength in the property investment market and in doing so reduced the company's overall weighting in offices in line with strategy. The proceeds of sale will be used for future acquisitions and ongoing portfolio projects with a view to maintaining and in due course further enhancing the company's revenue account and dividend cover"

Ignis was represented by Drivers Jonas LLP, whilst Hanseatic Funds was represented by Savills.

-Ends-

For further information, please contact:

Ben Robinson  

(w) 0207 489 4526 

(m) 07818445002

[e-mail]

Jean Birrell 

0141 222 8226

07917 804812

[e-mail]

Issued by Ignis Investment Services Limited. Regulated and authorised by the Financial Services Authority.

 

END

 

 

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