Lease

RNS Number : 1240I

Invista Foundation Property Tst Ltd

05 March 2010

 



 

                                                                                                                        5 March 2010

Invista Foundation Property Trust Limited (the "Company" / "Group")

IFPT secures major new occupier, Bupa International, at Victory House, Brighton and new letting to Mott MacDonald

Invista Foundation Property Trust has exchanged an agreement for a new lease with Bupa Insurance Services Limited ("Bupa International") at Victory House, Brighton. Bupa International is taking 45,000 sq ft of office space on a new fifteen year lease with a break at year ten, at a rent of £960,754 per annum, equating to £21.50 per sq ft.  Mott MacDonald will remain in the balance of the space (36,688 sq ft) on a new fifteen year lease with no breaks paying £790,000 per annum.

The Agreement for Lease with Bupa International is conditional on Invista refurbishing the offices to Bupa's specification, at a cost of approximately £2.9 million, with the works expected to be completed in Q3 of 2010.  Upon expiry of the Bupa International rent free period of nineteen months, the total rent produced by the building will be £1.75 million per annum up from £1.3 million per annum before the two new lettings to Mott MacDonald and Bupa International.

Victory House was the Company's largest void and following completion of the letting the overall portfolio vacancy rate as a percentage of rental value will fall from 11.7% to 8.2%.

Duncan Owen, Chief Executive of Invista Real Estate Investment Management said:

"This is a very good letting to a strong tenant and for a long new lease. The capital investment in the property to secure the letting is consistent with our strategy of maximising income from our portfolio and driving capital value growth. The attractive terms achieved in a challenging letting market reflect the high quality of this prime office building in Brighton."

-ENDS-

For further information:

Invista Real Estate Investment Management Duncan Owen / Nick Montgomery	020 7153 9300
Northern Trust David Sauvarin	01481 745529
Financial Dynamics Dido Laurimore / Olivia Goodall	020 7831 3113

 

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