15th Aug 2006 07:01
ING UK Real Estate Income Trust Ltd15 August 2006 ING UK Real Estate Income Trust Limited15 August 2006 ING UK Real Estate Income Trust Ltd exchanges on GBP 16.45 million oftransactions ING UK Real Estate Income Trust Ltd ("IRET" / "the Trust"), a Guernseyregistered closed-ended investment company, managed by ING Real EstateInvestment Management (UK) Limited, today announces that it has exchangedcontracts to acquire an industrial unit in Washington, Tyne & Wear. It has alsoagreed to dispose of a retail unit in the Edinburgh suburbs. The Trust has agreed to purchase an industrial unit called VIGO 250, located atBirtley Road in Washington, Tyne & Wear for GBP 12.85 million reflecting a netinitial yield of 6.25%. The unit is a high specification production/warehousebuilding totalling 246,752 sq. ft. (22,924 sq. m), constructed in 1995. Thebuilding has recently been let to AIM listed Tanfield Group Plc for a term of 25years at an initial rent of GBP 850,000 per annum with five yearly, upward onlyrent reviews and benefits from a minimum fixed uplifts in years 5 and 10.Completion of the acquisition is due on the 29th September 2006. The Trust has agreed to dispose of one of its smaller assets, a supermarket atGorgie Park Road, Edinburgh for GBP 3.6 million which reflects a net initialyield of 4.14%. The 15,211 sq. ft. (1,413 sq. m.) supermarket is let to KwikSave Stores Ltd trading as Somerfield. Completion of the disposal is due on the18th August 2006. Elliot Caldwell, Fund Manager of ING UK Real Estate Income Trust, said: "These two transactions will further enhance the income driven nature of theTrust. We have disposed of a low yielding retail investment and acquired a welllocated industrial unit with an attractive income profile, utilising theadditional debt facility which was put in place last month." Ryden advised the Trust on the acquisition. Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL 01481 745439 ING Real Estate Investment Management60 London WallLondonEC2M 5TQ Selina Sasse020 7767 [email protected] Financial DynamicsHolborn Gate26 Southampton BuildingsLondon WC2A 1PB 020 7831 3113 Stephanie [email protected] Dido [email protected] END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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