Disposal

RNS Number : 4150V

ING UK Real Estate Income Trust Ltd

09 July 2009

 



ING UK Real Estate Income Trust Limited (IRET)

9 July 2009

ING UK Real Estate Income Trust makes further asset disposals and enhances occupancy rate

ING UK Real Estate Income Trust Ltd ('IRET' / 'the Company'), a Guernsey registered closed-ended investment company, today announces that it has exchanged contracts on the sale of two assets for a total consideration of GBP 14.1 million reflecting a 1% discount on their March Valuation.  

In one of the largest occupier led transactions in the North West M25 office market, IRET has exchanged contracts to sell a vacant office building in Watford to an owner occupier. The transaction, which reduces the void rate within the portfolio from 9% to 7% was achieved following the grant of planning permission to reconfigure access to the property. 

In a separate transaction IRET has exchanged contracts to sell a distribution unit at Ravensbank Business Park, Redditch. The unit, leased to SP Group Ltd until 2021 was sold for GBP 7.3 million. 

Michael Morris, Fund Manager commented

'In the current market to achieve an owner occupier disposal, of our largest void within the portfolio, is a real achievement.

'The proceeds from these disposals will provide the Company with further covenant headroom, increased operational flexibility and enable IRET to undertake further projects which will provide opportunities to enhance both the income and capital position of a number of other assets within the portfolio.'  

For further information:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port
Guernsey

GY1 3QL

Tel: [phone]

Fax: [phone]

ING Real Estate Investment Management (UK) Limited

Helen Stott, 020 7767 5648, [e-mail]

Financial Dynamics

Dido Laurimore/Laurence Jones, 020 7831 3113

 

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