Update on Letting

RNS Number : 0918P

F&C Commercial Property Trust Ld

28 September 2011

 



To:                   RNS

Date:               28 September 2011

From:              F&C Commercial Property Trust Limited

Update on Letting

Watchmoor Park, Camberley

The Board is pleased to announce that, at Watchmoor Park, Camberley, an entire building, comprising approximately 60,000 sq ft, has been let to Novartis, one of the world's largest healthcare companies, at a commencing rent of £850,000 per annum for a term of 10 years subject to rent-free periods and break clauses. 

The building will be substantially refurbished to a specification agreed with the tenant, involving a capital commitment of approximately £4 million. This is a significant success for the Company and enhances the overall lease expiry profile.

Prior to the letting, the Company had taken an early surrender of a lease of the building which had been due to expire in February 2012.  A premium of £2.9 million was received from the tenant to cover full rent, rates and service charges until the end of the lease and, in addition, a dilapidations settlement was agreed. This was the Company's largest lease event due in 2012 and the early surrender enabled the Managers to take a more pro-active stance in relation to the lease and to achieve the largest office letting in the M3 corridor for three years.

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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