Disposal of Property

RNS Number : 0047N

F&C Commercial Property Trust Ld

24 September 2012

 



To:                   RNS

Date:               24 September 2012

From:              F&C Commercial Property Trust Limited

Disposal of Property

The Board announces that, on 24 September 2012, the Group completed the sale of its property at 84 Eccleston Square, London SW1 for £49.0 million. The sale price compares to the last external valuation of £45.0 million reflecting a net initial yield of 6.08 per cent.

The rationale for the sale was to take advantage of the current strong demand from overseas investors for Central London properties especially with potential to convert to residential uses. The sale also manages the portfolio's lease expiry profile avoiding the risk of lease expiries and future requirements for capital expenditure in March 2014 when £3.1 million of rental income from this property is due to expire.

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

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

END

 

 

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