OTE O Twelve Estate

TIDMOTE

RNS Number : 9893C

O Twelve Estates Limited

16 March 2011

O Twelve Estates Limited ("O Twelve" or the "Company")

Sale of Solar House and Management Update

16 March 2011

O Twelve announces that it has completed the disposal of Solar House, Stratford, for a cash consideration of GBP5.5 million. Solar House is a 49,000 sq ft office building which, following lease expiries, was 80% vacant at completion. The sale removes both the need for the Company to commit cash to refurbishment costs prior to re-letting and a significant exposure to ongoing void holding costs.

The sale proceeds have been placed on a restricted deposit account and are available for repayment of debt or, with the agreement of the Group's Lenders, for potential future property acquisitions.

Since 30 September 2010, the Group has also realised GBP650,000 on the disposal of a further vacant office unit at Redwing Court, Romford and has completed nine new leases with an aggregate annual rent, payable on completion of rent-free periods, of GBP221,000.

Following completion of the Placing and Open Offer and receipt of GBP35 million net cash in January, and the sale of Solar House, the Group's net debt as at 28 February 2011 was GBP105 million (30 September 2010: GBP142 million), comprising GBP125 million loan principal less restricted cash of GBP12 million and unrestricted cash of GBP8 million.

Phil Rhodes, Chairman of O Twelve commented:

"The sale of Solar House both removes a substantial potential cost exposure and adds to the Company's now significant cash resources. This provides us with a number of opportunities both to continue to add value to the existing portfolio through active management and to consider new property ventures."

Enquiries

O Twelve Estates Limited

Phil Rhodes, Chairman

+44 (0)207 016 0050

Rugby Asset Management

David Tye

Andrew Wilson

+44 (0) 20 7016 0050

Fairfax I.S. PLC

Simon Bennett

Katy Birkin

Laura Littley

+44 (0) 20 7598 5368

Financial Dynamics

Dido Laurimore

Stephanie Highett

Laurence Jones

+44 (0) 20 7831 3113

This information is provided by RNS

The company news service from the London Stock Exchange

END

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