Disposal

RNS Number : 0676Q

ING UK Real Estate Income Trust Ltd

03 April 2009

 



ING UK Real Estate Income Trust Limited

3 April 2009

ING UK Real Estate Income Trust Limited continues with its asset disposal programme

ING UK Real Estate Income Trust Limited ('IRET' / 'the Company'), a Guernsey registered closed-ended investment company, today announces that it has exchanged contracts for the sale of three assets for a total consideration of GBP 11.1 million. Completion on all three assets is due in April.

The three properties comprise a 24,900 sq ft retail property in Alexandra Parade, Glasgow, sold for GBP 2.5 million, a 12,600 sq ft office building near Southwark Bridge, London, sold for GBP 4.6 million and a 19,000 sq ft office in Guilford, sold for GBP 4.0 million.

The sales are part of an ongoing disposal programme by the Company and reflect a 9% discount to their December 2008 valuation. The proceeds will be used to reduce the net debt position. 
 

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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