F&C UK Real Est. Inv. Property Purchase
12 October 2017 - 9:45PM
UK Regulatory
TIDMFCRE
To: RNS
From: F&C UK Real Estate Investments Limited
LEI Number: 2138001XRCB89W6XTR23
Date: 12 October 2017
F&C UK Real Estate Investments Limited ('FCRE')
Purchase of Unit K60, Lister Road, Basingstoke
IRP Holdings Limited, a subsidiary of FCRE, has purchased a 59,000 sq ft
distribution unit in Basingstoke for GBP9.56 million, reflecting a net initial
yield of 5.2 per cent. The property is let to one tenant, Bunzl UK Ltd, on a
lease expiring 2027, at a rent of GBP525,300 per annum. The purchase was funded
out of the company's existing cash reserves. Following the purchase, net
gearing was 30.3 per cent.
Commenting on the purchase, Fund Manager Peter Lowe said 'industrial and
distribution warehouses remain a favoured sector, and the acquisition
complements the portfolio's existing south east holdings, providing secure
income, backed by a solid financial covenant while delivering an attractive
yield. The property itself is freehold, well configured and fit for purpose,
benefits from the tenants long standing and ongoing commitment to the site, and
also offers good re-letting prospects '.
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
Peter Lowe
Scott Macrae
F&C Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375
END
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