31st May 2006 07:01
ING UK Real Estate Income Trust Ltd31 May 2006 ING UK Real Estate Income Trust Limited31 May 2006 ING UK Real Estate Income Trust Ltd makes firstacquisition buying into Central London market ING UK Real Estate Income Trust Ltd ("IRET" / "the Trust"), a Guernseyregistered closed-ended investment company, today announces its firstacquisition since launch in October last year. It has bought into the CentralLondon office market recovery having exchanged contracts to purchase BoundaryHouse on Jewry Street, London EC3, within the City of London. The purchase priceof £16.1 million reflects an initial yield of 5.2%. Boundary House is now the trust's 6th largest asset by value. It comprises over45,000 square feet of office space and has 8 occupational tenants and an averagerent of only £18 per square foot. Elliot Caldwell, Fund Manager of ING UK Real Estate Income Trust, said: "Boundary House is an ideal addition to the portfolio. We have bought intooccupational upswing in the office market and off a relatively low capital valueand base rent. We also have the opportunity to gain added value throughrefurbishment and active management." Knight Frank advised the trust on the acquisition. Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL 01481 745439 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Picton Prop