8th Jun 2005 10:45
Insight Foundation Property Tst Ltd08 June 2005 8 June 2005 Insight Foundation Property Trust Limited Acquisition of Minerva House, an office property in London SE1 Insight Foundation Property Trust Limited ("the Company") announces that it hastoday exchanged unconditional contracts to acquire a freehold office propertycalled Minerva House in London SE1 ("the property") at a price of approximately£42.13 million. The Company has implemented the acquisition quickly, withexchange occurring less than 2 weeks from agreeing terms. The high quality office property is in a strong location with an extensivefrontage to the River Thames, close to Southwark Cathedral and London Bridge.The property is well let to ANZ Banking Group Limited and Reed Smith LLP andcurrently produces approximately £2.76 million per annum reflecting a yield tothe Company of 6.3%. The overall base rents are approximately £31 per sq ft, providing the potentialfor the Company to benefit from rental growth and asset managementopportunities. Completion is anticipated in July 2005, when a further announcement will bemade. -ENDS- Enquiries:Duncan Owen (Insight Investment Management)Tel: 020 7321 1676 Paul Smith / Jeff Lanyon (RBSI)Tel: 01481 740 820 Stephanie Highett / Dido Laurimore (Financial Dynamics)Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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