Acquisition

RNS Number : 6282A
F&C Commercial Property Trust Ld
12 October 2009
 



F&C Commercial Property Trust Limited ('the Company')

Purchase of Property


The Board is pleased to announce that, on 9 October 2009, the Company exchanged contracts to purchase three distribution warehouses at Hams Hall, National Distribution Centre, Birmingham for £34.85 million to reflect a net initial yield of 9.0%. Hams Hall is an established distribution and logistics park located adjacent to Junction 9 of the M42 motorway.


The acquisition comprises three properties constructed between 2000 and 2002 which provide, in aggregate, more than 600,000 sq ft of modern, well-specified, distribution units. The first property, Unit 6a, comprises 127,069 sq ft and is let to Bell Micro Products Limited until April 2018 (tenant break 2016) at a current rent passing of £717,172 per annum. Unit 8 comprises 264,369 sq ft in a mix of high and low bay accommodation and is let to Wincanton Holdings Limited until April 2025 (tenant break April 2015) at a current rent passing of £1,500,000 per annum. The third property comprises 225,808 sq ft and is let to Arvato SCM Limited, guaranteed by Bertelsmann AG, for a term expiring in July 2016, at a current rent passing of £1,130,890 per annum. This acquisition is in accordance with the Company's strategy to increase its weighting to the industrial and logistics sector. Upon completion of the purchase this weighting will increase to approximately 13%.

    

This is the second acquisition by the Company during the current financial year. The purchase, to be made from the Company's available cash resources, will further enhance the Company's revenue account and dividend cover. Completion of the purchase is scheduled for 16 October 2009.


All enquiries:

Richard Kirby

F&C REIT Asset Management LLP

Tel: 0207 016 3577


The Company Secretary 

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey GY1 3QL

Tel:  01481 745324

Fax: 01481 745051


This information is provided by RNS
The company news service from the London Stock Exchange
 
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