Disposal of Property

To:                  RNS
Date:               23 December 2016
From:               F&C Commercial Property Trust Limited
 

Disposal of Property

The Board announces that, on 22 December 2016, the Company completed the sale of its Freehold interest in 25 Great Pulteney Street, London W1 for £54.4 million, reflecting a net initial yield of 3.95 per cent. The property comprises a seven-storey building providing high quality, contemporary, Grade A office accommodation and is fully let to four tenants. The sale price compares to the valuation as at 30 September 2016 of £51.2 million.

25 Great Pulteney Street is a property that the Company fully redeveloped, completing in 2011. It was subsequently leased at high rents reflecting the quality of the building. The most recent re- letting achieved a rent of £96.50psf. The disposal crystallises substantial value for the Company, reduces its exposure to Central London and allows capital to be deployed into other opportunities.
 
 
All enquiries to:
 
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]
 
Richard Kirby
BMO REP Asset Management plc
Tel: [phone]
 
Graeme Caton
Winterflood Securities Limited
Tel: [phone]