Disposal (6415Y)
05 3월 2012 - 4:00PM
UK Regulatory
TIDMIFD
RNS Number : 6415Y
Invista Foundation Property Tst Ltd
05 March 2012
05 March 2012
Invista Foundation Property Trust Limited
(the 'IFPT' / 'Company' / 'Group')
Invista Foundation Property Trust exchanges contracts to sell BT
Office Building in West Bromwich in GBP19.5m transaction
Invista Foundation Property Trust announces that it has
exchanged contracts to sell its office property let to British
Telecommunications PLC ('BT PLC') in West Bromwich for GBP19.5
million, reflecting a net initial yield of 5.8%, assuming normal
purchaser's costs.
The property is a newly completed office development which IFPT
committed to buy in February 2010 and subsequently acquired in
October 2011 for GBP14.86 million, reflecting a net initial yield
of 7.7%. The sale enables the Company to realise the strong and
swift capital appreciation of this asset, as the sale price
reflects a 31% uplift compared to its acquisition price and an
uplift of GBP0.6 million or 3.2% compared with the independent
valuation as at 31 December 2011 of GBP18.9 million.
The 75,000 sq ft property is located on the edge of West
Bromwich town centre and is let to BT PLC for 15 years with effect
from 21 October 2011 at a rent of GBP1.2 million per annum with
fixed uplifts of 3% per annum.
The transaction adds to the Company's cash reserves and the
proceeds will either be redeployed in a combination of higher
yielding investment opportunities and capital expenditure within
the existing portfolio or be used for debt repayment. The use of
cash funds in these ways should be earnings accretive to the
Company's dividend cover by either improving the overall level of
rental income or reducing the cost of debt.
Commenting, Duncan Owen, said:
"We are pleased to realise a significant gain over the
acquisition cost. The property benefitted from the new letting on a
long lease, which is fashionable in the current market and
therefore attracted a premium pricing. The surplus proceeds provide
us with a number of options to support our strategy either through
reinvesting in properties with good fundamentals that are capable
of adding value through active management or, reducing the
Company's debt over time."
-ENDS-
For further information:
Schroders Property Investment Management
Limited
Duncan Owen / Nick Montgomery 020 7658 6000
------------------------------------------ --------------
FTI Consulting
Dido Laurimore / Daniel O'Donnell 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
END
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