21st Jul 2014 09:01
LONDON (Alliance News) - F&C Commercial Property Trust Ltd Monday said it has acquired a long leasehold in Unit 1, The Hive, Liverpool International Business Park, for GBP11.9 million, reflecting a 6.45% net initial yield.
In a statement, the trust said that the new production and distribution warehouse is let to Johnson Controls Automotive (UK) Ltd for a term of 15 years at a passing rent of GBP812,050 a year. The lease is subject to a tenant's break in year 10 and is drawn on full repairing and insuring terms. A rent free period has been granted, expiring on October 6 this year.
Johnson Controls manufacture the car seats for the Jaguar Land Rover (JLR) Evoque, which is produced at the nearby JLR Halewood plant.
"This acquisition provides a brand new purpose built warehouse, let to a strong covenant located in an established industrial location which is benefiting from the significant growth and success of the JLR plant at Halewood.," the trust said in a statement.
The trust also said its unaudited net asset value increased to 115.1 pence, from 108.9 pence, in the three months to the end of June. The unaudited NAV total return per share in the quarter was 7.1%, against a 5.1% total return from the IPD monthly index.
F&C Commercial Property Trust shares were Monday quoted up 0.5% at 120.80 pence.
By Samuel Agini; [email protected]; @samuelagini
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