Acquisition

RNS Number : 9563V

New FCPT Limited

20 July 2009

 



20 July 2009

New FCPT Limited ('the Company')

Purchase of Property

The Board is pleased to announce that, on 17 July 2009, the Company exchanged contracts to purchase Site E4, Daventry International Rail Freight Terminal (DIRFT) Logistics Park, Daventry, for £17.25 million representing a net initial yield of 9.05%. DIRFT Logistics Park is one of the UK's premier distribution and logistics parks located adjacent to junction 18 of the M1 motorway.

The property, constructed in 2005, comprises a well-specified distribution warehouse of approximately 300,000 sq ft and is let to Excel Europe Ltd until 31 May 2015 at a current passing rent of £1,650,000 per annum. The tenant operates, under contract, Mothercare's national distribution centre from the property.

This is the first acquisition by the Company since its launch in March 2005. The purchase, to be made from the Company's available cash resources, will enhance the Company's revenue account and dividend cover. Completion of the purchase is scheduled for 29 July 2009.

All enquiries:

Richard Kirby

F&C REIT Asset Management LLP

Tel: [phone]

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]

 

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