14th Apr 2023 09:47
(Alliance News) - Value & Indexed Property Income Trust PLC said on Friday it acquired a freehold leisure investment at Coventry Crosspoint Business Park.
Value & Indexed Property is a Glasgow, Scotland-based investment trust company. It invests mainly in directly held UK commercial property.
The firm said the acquisition is worth GBP7.8 million at a net yield of 7.4%. Rental income from this property totals around GBP600,000, the company said.
Value & Indexed Property said the acquisition completes its transition to a fully invested property investment trust, with its dividend fully covered by contracted rental income.
The company also noted the completion of three long-let property purchases in the year ended March 31, which were purchased for GBP25.5 million. This includes the Coventry leisure park investment.
Value & Indexed Property said 100% of rent was collected at year-end, with 60% of rental income coming from its top six tenants, which includes Marks & Spencers PLC, Premier Inn and J Sainsbury PLC.
The company also said Savill's year-end independent valuation of its portfolio totalled GBP150.5 million at a net yield of 5.8%, compared to GBP157.6 million in September 2022.
Shares were down 2.0% at 203.80 pence in London on Friday morning.
By Sabrina Penty; Alliance News reporter
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