Sales and Planning Consents
TR Property Investment Trust PLC
24 January 2003
TR PROPERTY INVESTMENT TRUST PLC
HENDERSON GLOBAL INVESTORS
23 January 2003
TR Property Investment Trust announces sales and obtains planning consents
TR Property Investment Trust Plc (TRPIT) has realised approximately £10 million
through the sale of two investment properties. It has also been granted planning
consents for redevelopment of two London properties.
Investment Sales
The Trust has sold the freehold interests in its properties in Staines and
Tolworth.
The Staines property, comprising a car dealership on a 1.85 acre site adjacent
to the London Road, was sold to John Lewis Partnership Pensions Trust Limited
for the sum of £4,050,000. The property, which generates a rental income of
£272,500 per annum, was purchased by TR Property in 2000 for £2.64 million by
way of a sale and leaseback.
The Kingston upon Thames Industrial Park, adjacent to the A3 Kingston Bypass in
Tolworth, was sold to LaSalle Investment Management. The property, which
comprises three modern warehouse units totalling 56,000 sq ft and generates an
income of approximately £460,000 per annum, was sold for £5.86 million.
Taken together, the two sales gave rise to a surplus of approximately £700,000
over their most recent valuation in September 2002.
A further sale has been agreed through Controlrun Ltd, an associate company of
TRPIT, which has exchanged contracts to sell the freehold interest in a vacant
petrol filling station at 140/152 The Broadway, Southall. Completion of the
£1,600,000 sale to a private company is due in March 2003.
Planning Consents
At its leasehold property in Piccadilly, in the heart of the West End, TRPIT has
received planning consent (subject to a section 106 Agreement) for a major
redevelopment to provide retail and office space totalling over 110,000 sq ft.
The existing building of 60,000 sq ft is currently let to a number of retail and
office occupiers on short-term leases.
Negotiations are now in hand with the Crown Estate, who own the freehold of the
property to re-gear the Trust's existing leasehold interest.
In Wandsworth, following a Public Enquiry, TR Property has obtained consent for
the redevelopment of the Southbank Commercial Centre, 140 Battersea Park Road.
The 0.975 acre site currently provides almost 50,000 sq ft of light industrial,
office and studio accommodation let on a short-term basis. The planning consent
allows for the development of 43 private residential units, 14 affordable
housing units, a shop, an 18,000 sq ft office and a creche.
Chris Turner, the fund manager of TR Property commented 'We are pleased with
these sales. The wide discounts to asset value and rising dividend yields now
make it attractive for us to switch some capital from direct property into
equities. We are also delighted to have achieved planning consents at Battersea
and Piccadilly following the protracted delays which both applications endured.'
- ENDS -
Press Enquiries
Chris Turner
TR Property Investment Trust PLC
Telephone: 020 7818 4348
www.trproperty.co.uk
Stephen Westwood
Head of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 5517
Stephen Phillips
Investor Relations Manager
Henderson Global Investors
Telephone: 020 7818 6417
Mark Vickery
Henderson Press Office
Telephone: 020 7818 4222
This information is provided by RNS
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