22nd Mar 2006 15:47
Insight Foundation Property Tst Ltd22 March 2006 22 March 2006 Insight Foundation Property Trust Limited Insight Foundation Property Trust Limited acquires stake in Plantation Place, London EC3 Insight Foundation Property Trust Limited ("the Company") announces that it hasacquired a 28% stake in Plantation Place, Fenchurch Street, EC3 from The BritishLand Company PLC for approximately £19.6 million, reflecting an underlyingproperty yield of approximately 5.1%. Plantation Place was completed in 2004 and comprises over 550,000 sq ft of primeoffice and retail accommodation. The office tenants include Accenture, whoaccount for 72% of the building's income, Wachovia Bank, Royal & Sun Allianceand Aspen Insurance. Retail tenants include Next, Ernest Jones and Molton Brown.The average lease length is over 19.5 years without breaks. This continues the Company's strategy of acquiring high quality London officesfollowing the C Share issue last year. The acquisition of the stake in Plantation Place follows rapidly on from theCompany's acquisition of a £27.55 million stake in 43-45 Portman Square, W1, aprime West End office building, which was announced last week. -ENDS- For further information please contact: Duncan OwenInsight Investment Management Tel: 020 7321 1676 Paul Smith/ Sara RadfordRBSI Fund Services (Guernsey) Limited Tel: 01481 743 000 Stephanie Highett / Dido LaurimoreFinancial Dynamics Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Schroder Real